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Long term capital gains tax not paid
02-May-2023 (In Property Law)
Hello, my grandfather sold a land 4 years ago and he didn't pay tax on the same. Now he is no more. ? The amount of the transaction was used up in development of a marriage hall. Do my father needs to pay the tax liability from the estate my father was inherited with? And I am wondering why the ITD has not yet approached us?
my dear friend , The legal representatives will have to file returns in the deceased’s name for income (capital gain ) earned till the date of death. Subsequent earnings are to be taxed in the hands of the legal representative/executor of the deceased’s estate.
don't wait for income tax department .
hope you got advice
contact for details
don't wait for income tax department .
hope you got advice
contact for details
Helpful?
25+
25+
Adv. Manish Gupta
Jaipur | 100+ Answers
CONTACT NOW
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