13 October 2010
Recently one of my relative expired by committing suicide due to financial crisis. He had sold his property and the entire amount was utilised for clearing the debts with private money lenders. His wife is now left with a small amount which is not even 20% of the sale proceeds. Now my question is whether the legal heirs are liable for Capital gain tax. And as there is very little money left is there any facility for an appeal. The wife is housewife and does not have any income. Two children are young and still studying. I shall be grateful if someone could assist me in this regard.
Guest
Guest
(Expert)
16 January 2011
estate of deceased is only responsible for the tax liabilities of a deceased person and not the legal heirs.
CAclubindia
