PLEASE ANSWER MY FOLLOWING QUERIES
1) WHERE ESTATE RETURN IS FILED?
2) UPTO WHAT TIME ESTATE RETURN CAN BE FILED?
3) WHAT IS TAX IMLICATIONS FOR HEIRS?
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RETURN OF ESTATE
Replies (2)
Dear Kaushal
1) Where a person dies without making any will then till inheritance takes places among heirs either with consent or by an order of court, the income from the assets of the deceased is taxable separately as a "Income of Estate"
2) Time limit for filing return is same as that of other assessees.
3) This estate return is to be filed till the date of inheritance by heirs. After that the income from the assets will be taxable in the hands of respective heirs based on assets inherited.
Mr.Amir Brother is right......He is brilliant....
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