Return of income of deceased person

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192 Points Joined January 2016
assesee died in the month of August.. she has sold property in June 24 there is LTCG

1. how to file deceased return of income?
2. how to save LTCG tax??? in whose name the investment in property to ve made to claim exemption u/s 54???
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On 19 September 2024 at 14:57 Report
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Master in Accounts & high court Advocate
9494 Points Joined December 2011

I'm so sorry to hear that the assessee passed away. Handling tax matters in such situations can be challenging. Here are some general guidelines to help you: 1. Filing the deceased's return of income: a. Obtain a legal representative (LR) certificate or a succession certificate from the court. b. File Form 30 (Application for Registration of Legal Representative) with the Income Tax Department. c. File the deceased's income tax return (ITR) for the relevant assessment year, mentioning the LR's name and PAN. d. Attach a copy of the death certificate, LR certificate, and other relevant documents. 1. Saving LTCG tax: a. File Form 12BB (Statement of claims by a deceased person's legal representative) to claim the exemption. b. Invest the LTCG amount in a property within the stipulated timeframe (2 years from the date of sale). c. Ensure the investment is made in the name of the legal representative or the beneficiary. Section 54 Exemption: a. The investment in property must be made within 2 years from the date of sale. b. The property must be a residential house in India. c. The investment should be made in the name of the legal representative or the beneficiary. Additionally, consider the following: a. File Form 15H (Declaration by a person claiming beneficial interest in a property) if applicable. b. Obtain a PAN for the legal representative if not already done. 

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On 19 September 2024 at 16:27


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