05 January 2014
one of the lady aged 80 years sold property worth rs 60 lack anf received the amount after getting tds deduction of 1%.The property was sold on nov 2013.
Unfortunately lady died after a month and as per will of the lady the cash is to be distributed among her son and daughter.
what will be tax consequences for such transaction.How could we save LTCG.
05 January 2014
You have to file the return of the lady who expired by calculating the capital gains. If there is any tax liability then this tax liability is to be deducted from the total money received by the lady and to be paid to Income Tax department and only after deduction of the tax liability the balance can be distributed to the legal heirs.
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