Answers On Topic: legal heirs
Would the legal heirs be liable for capital gain tax without receiving any payment & for only executing the sale deed of property already sold & possession held by buyers 35 years ago & payment was realised during sale by the deceased ancestor. What evidence would the heirs require for executing the deed & being exempted for capital gain? Any specified sections/provisions?
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The assessee sold an immovable property and deposited sale consideration to the tune of caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme. What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.
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the assessee has been served with notice u/s 148A to explain transaction of immovable property sale for AY 2018-19. my queries are whether his legal representative can objection to issue of notice u/s 148A similar to section 148 ? whether reply should be given on facts along with objection to issue of notice u/s 148A and ask not to issue notice u/s 148 ? How reply should be given - online reply by his legal representative by adding himself as legal representative of his father or manual letter to jurisdictional AO? By all means, department will issue notice u/s 148…
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Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify
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Execution of sale deed by legal heirs of property already sold 35 years ago