July 5, 2023 11:42 pm
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Tax Planning
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I have a question on capital gains tax.. my mom sold a property last year and unfortunately expired recently. I am the nominee on the savings account and the will so I will inherit the sale proceeds. Am I liable for any capital gains tax after the transfer of funds to me?
Thanks
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July 6, 2023 11:29 am
Hi,
My condolences to you and your family for the loss of your mother!
May I know, if you are the sole legal heir? Was the Registration of Sale deed done by your mother?
Smushti Topic starter
July 6, 2023 11:04 pm @sreekanth My sister and I are legal heirs. The sale was done by my mother through me using a GPA
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July 7, 2023 12:00 pm
If your mother had already received the sale proceeds in her bank account then as a legal heir you can file her Income Tax Return.
And if the sale proceeds are taken by both of you then income tax on the sale proceeds (if any) is payable by both of you.
Suggest you to kindly go through the below articles :
- Income Tax Return of Deceased person | How to file ITR for the deceased as a Legal Heir?
- Nominee Vs Legal Heir : Who will inherit (or) own your Assets? | Importance of WILL
- How to Cancel or Surrender PAN & Aadhaar Card of a deceased person?
Advise you to approach a CA and file the ITR(s).
