Dear professionals,
Greetings!
A lady aged 75 years inherited a share in her father's land property which is being sold. She operates through POA to her only child. She doesn't have PAN or Aadhar or operating bank account. Her son is an income tax assessor.
How she can do the transaction and pay tax? Can her son club this in his income and offer LTCG ?
Kindly advise.
"Can her son club this in his income and offer LTCG?"
No.
"How she can do the transaction and pay tax?"
Her son is only attorney on her behalf. So the legal owner remains the old lady herself.
As she has inherited property, the mutuation of the property gets transferred in her name. & purchaser will legally pay the purchase price in her name (may be through her GPA).
So, for all these purpose she will have to obtain PAN, Aadhar and open a joint bank account.
As such no problem, but legal formalities to pay Capital Gains Tax, filing return etc...... should be complied within stipulated time frame.
Secondly, hold means in bank account..... not in cash, I hope.
Most Welcome ..
CAclubindia
