Capital gains / inheritance tax question

I really dont know about the deed part. But capital gains will be assessed in your father's name only. You or your mom as a representative assessee have to pay the taxes from the estate/money he has left behind to you.

Capital gains will be calculated in the hands of your father even tough he is dead in my opinion. 

You can also discuss with your auditor / lawyer about the possibility of formation of HUF as you are receiving money from your father on his death. It will help you save taxes to a certain extent.

Hello Mr. Girish,

Dealing with your problem one by one.....

1) You have got sale proceeds of Residential House in inheritence, and such receipts are capital in nature so it does not form part Income...

2) Now whatever may be the proportion of sale proceeds shared by u and ur mom does not make any difference as far as tax on capital gain is concerned.

3) Return will be filed in ur father's name and ur mom or u will be the representative assessee.

4) For claiming Exemption under section 54 and avoid tax on capital gain u have to purchase or construct residential house property within 2 or 3years repectively.

5) U can also claim exemption u/s. 54EC by subscribing to NHAI bond (max limit 50 lacs)

6) If u r not able to utilise such sale proceeds as above on or before 31/7/2012 then u have to deposit such sale proceeds in Capital Gain Deposit Scheme on or before 31/7/2012 later on u can withraw amount and buy residential house property

7) There is no bar in number of purchase of residential property. More than 1 residential house prop can be bought or be constructed [CIT v. D. Ananda Basappa (2009) 180 taxman 4 (Kar)]

8) There is no requirement that assessee should file his return of income before due date for claiming expemption u/s.54 [Esther christopher mascarenhas v. ITO (2011) (Mum ITAT)]

Hope i have answered....

A very good answer by CA Pritam Jain. 

Thanks very must for the replies.

really nice written pritam sir 

OK PRITAM. TKS.

Can you give your views on the following:

Rental Income derived from the estate of a deceased person (who died intestate) - income derived after his death - in the year of death and in the subsequent years - can this be offered to tax in the name of the deceased person tax liability discharged by the legal representative u/s 159 of The Income TAx Act, 1961 who receives the income....If yes, is it required to get a new PAN?

The intention is to offer the income in the hands of the deceased assessee by the legal representative till such time the estate is divided among the legal heirs by metes and bounds.