Death of assesee

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dhirajpareek

dhirajpareek (Querist)
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05 March 2012 After death in middle of year how income is taxable in other hands if no will

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 March 2012 The income will be taxable in the hands of the legal heir.

The legal heir will be the person in whose name the assets have been transferred.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 March 2012 The income may be determined for the entire year and shall be apportioned on time basis among the deceased and the legal heir.

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Prakash Kochar

Prakash Kochar (Expert)
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07 March 2012 Income till date of death as per books closed or determined on days baisis will be treated as income of deceased, and from death onward business income will be taxed in hand of a person who succeeded the business as per mutual consent of legal heirs, and if the income is from any other sources other than business it will be assessed in hands of legal heirs in proportion as applicable by succession act governed in their case, if there is no will.