It Return. Inherited Propoerty

INCOME TAX RETURN EFILING FOR AY2018-19: INHERITED PROPERTY? YOU MUST FILE IN ITR FORM; HERE’S HOW Benjamin Franklin had said that “there are only two things which are certain in life: death and taxes.” But in this world, even death cannot save a person from paying taxes. It’s really hard to lose someone. If this truth was not bitter enough, paying taxes and filing income tax return added insult to injury. After the death of a person, the legal heirs have to go through legal compliances like inheritance of deceased property, the filing of income-tax return on behalf of deceased, so on and so forth. If the deceased person had some capital assets they are devolved on the legal heirs. However, income from such capital assets or any other income earned by the deceased person during the year has to be reported in the income-tax return being filed by the legal heirs on behalf of the deceased person. This article enumerates all tax compliances which may arise after the death of a person. 1. PAYMENT OF TAX ON BEHALF OF A DECEASED PERSON As per section 159 of the Income-tax Act, 1961, in case of death of an assessee, his legal representative is deemed as an assessee who shall be liable to pay any sum which the deceased assessee would have been liable to pay had he not died. However, the liability of the legal heir to pay the Income-tax shall be limited to the value of assets inherited. Read more at http://starhealthdevarajan.com/news/535 for Insuranc Related Services, U can always Call 98401 77017 Devarajan www.licdevarajan.com