Mr A dies intestate leaving behind his widow and 2 minor children. He has acquired some property out of his own earnings and the same has been inherited by his estate consequent to his death ( widow and minor children)
can the earnings from the said properties ( rental income or capital gain on sale) be split between the various members of the estate ( widow and 2 minor children) and charged to income tax separately or is it be clubbed with that of the mother till they attain majority ?
Firstly, the property will have to be transferred in favour of the widow. Since he died intestate, she might have to produce documents from the court. Even if she was a nominee in the property, the nominee cannot become an owner without producing court documents. Only after the property is transferred in her name, she may decide to keep it or sell it.
The rental income shall be her own income and chargeable to tax. If she sells the property, she may invest in another property or invest in bonds, thereby reducing the tax liability.
agree with Mr Mihir, Propert will become assest of Widow.. and inceome from property will be charge in hand of Widow
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