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Deceased's Return filing
My Uncle's (senior citizen) treatment was funded by selling his shares -LTCG (nominee mom) and breaking fixed deposits (joint holder uncle and mom) in Feb 2017 exceeding taxable limits. Uncle died in March 2017. None of them filed returns as gains below taxable limits. At this point who should file return - Late Uncle (section 159) or my mom ( inheritance income) for AY 2017-18.
Replies (10)
it is advisable to file returns of both as it will help you keeping trail of money in future.
As per the law, authorised representative has to mandatorily file return of income on behalf of the deceased person. Hence your mother has to file his return as an authorized person.
From the above facts all income shall be exempt - shares ltcg and FD interest being within taxable limits.. Return for both... but which income to be considered for my mom?
please reply
your mom has to file the return of your uncle as his legal heir. you should have proof of her being his legal heir. the return should be prepared , UNDER YOUR UNCLE'S PAN, as if it would have been prepared by your uncle, if he had been alive. please note it will have only your uncle's income , ltcg, etc etc details ONLY.
as your mom has inherited your uncle's property etc, any income out of it will now , from the date of your uncle's death onwards, be included in your mom's return. upon including such income, if then also your mom's income is below taxable limit, then you may not file return BUT it is advisable to file a return of income
yes LTCG will be exempt, and tax on other income would be as per slab rates.
thanks to everyone !!
For LTCG Gains in equity shares ...I do not have contract notes for the same...8 - 12 years old...From where else the cost of share purchased be determined
please replt
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