I had a property on my Father's name which was purchased before 1981 (no COA known). I have sold the property on behalf of him (as he is no more) and received the consideration. Am I liable to pay tax even if property was not in my name.
1 Replies
Arpan De
(Articled Assistsant - CA Final)
(68 Points)
Replied 31 May 2013
First of all: did your father make any will by virtue of which the property had devolved on you?
If yes then you r the owner of the property and are liable to taxation...........
If NO, then if your father has an income tax file and you have been registered as the legal heir in the Income Tax Dept. website.......you are liable to taxation on behalf of him.........
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