Tax Liability on LTCG

Dear Pankaj,

My Grand Mother had sold agriculture land in urban area & the LTCG amt. earned has been deposited to her bank a/c. She has also made a will deed wherein she has clearly specified that all the money in her bank will be transferred to me (grandson) after her death.

Please note that the bank a/c in which LTCG amt deposited was joint a/c(held by me & my grand mother;either or survival case).

Now as my grand mother has passed away, please let me know whether the entire amt. in her bank a/c will be automatically transferred to me (as per the will) or I'll be get the amt. only after tax deduction??

Also,clear if i get the entire bank amt.,the LTCG tax liability will be borne by me or not??

asked Mar 30 '12 at 00:43 by Sag 1344

As there would be capital gains earned on sale of land, she should have paid taxes on such gains. As she is no more, legal heir should pay income tax on gains and file income tax return on her behalf.

answered Mar 30 '12 at 19:43 by Pankaj Batra 5.2k320


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Asked: Mar 30 '12 at 00:43

Seen: 1,678 times

Last updated: Mar 30 '12 at 19:43