A person died leaving behind property worth 2 Crores in form of flats and shares. Which will be distributed amongst his 5 heirs as per LoA in equal proportion.
1) What will be tax implication on deceased person?
2) What will be tax implications for 5 legal heirs?
Please guide.
The income up to the death of the deceased person will be taxable in the hands of the deceased person. Any legal heir will have to file the ITR of the deceased person.
Income after the death will be included in the income of legal heirs on the basis of their share in the estate.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
CAclubindia
