Urgent question on deceased assessee's return !

Income will be assessed in the Return of Income of the Deceased.

From 1/4/2012-25/10/2012  IOP-   Rs. 80,000 IOS- Rs 2,00,000 (bk int + Int on Fd)

 

After his death his wife is his only legal heir so she only has right on the property of the deceased person. 

The Interest Income from 25/10/2012 to 31.03.2013 will be assessed in the hands of wife. 

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THANK U SIR FOR UR PROMPT REPLY BUT FOR ACCOUNTING

PURPOSE ALSO THE  INCOME SHALL BE DISTRIBUTED?

Yes. As on 25.10.2012 FDRs and other assets and liabilities of the deceased  can be shown 

in the accounts  of the wife .

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First decide the income of the deceased. Transfer the same into his capital account.

Then, Transfer the entire balance sheet  so formed, into the Books of A/c of the wife.

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THANKS A LOT FOR SOLVING MY PROBLEM ON TIME WILL ALWAYS REMEMBER U FOR THIS AND WILL MAKE U THE BEST EXPERT ON CCI NEXT TIM ITS MY PROMISE AS U HAVE ALWAYS ANS ON TIME.....UR TRULY THE BEST EXPERT ON CCI FOR ME.....

THANK U SIR .....

I endorse the view of Bafna Ji.  I don't have a case law on the issue.

After sharing income and profits till the death of the partner, his balance will be transfered to Deceased partner's executors account. After that all income wiil be taxable in the hands of his wife(Legal heir)

Wise advise, Paras Sir!

THANK U WARRIER SIR FOR UR REPLY AND CONFIRMTION.

Applicable..sections 159 and 168 of incometax act

My further question on the same issue is :

1) Whether 2 return of income will be furnished i.e of Mr X and Her wife?

2) Her wife will sign both return i.e of her husband n herself?

Yes. 2 returns will be filed.

In the return of husband she will sign as  a representative assessee. Whereas in her own return she will sign in the capacity of an Individual.

Thanks for all reply.

For the second part of querry 

Yes two return of income needs to be filed.

One for MR.X, signed by Mrs. X as legal representive or heir apparent

Second for Mrs. X signed by Mrs.X in her individual capactiy.

So while filling as representative assessee while signing in declaration clause what she must write...eg for company  we write

For XYZ Co

    Sd/-

(Name of Person)

(Designation of person)

SO IN CASE OF REPRESENTATIVE HOW IT SHOULD BE MENTIONED AND DISCLOSED?

For Mr.X it would be signed as 

For MR.X

Name :

(Legal Representive Assessee)

See Below link........

https://taxmantra.com/taxation-income-deceased-person-pay-taxes-death.html/