Say, a person successfully lodges mutual funds’ (equity) redemption request on 15-January-2024 at 8:00 am. This person dies on the same day at 11:00 am. The redemption amount is credited to the bank account of this person (his wife is the joint holder in this bank account) on 16-January-2024. Capital gain statement is showing that date of redemption is 15-January-2024. In this scenario, who is liable to pay tax on capital gains, the deceased person (by Legal Heir) or the surviving wife?
10 Replies
sabyasachi mukherjee
(24888 Points)
Replied 19 February 2024
To be transferred to his immediate legal heirs.
CA Rashmi Gandhi
(Chartered Accountant)
(85175 Points)
Replied 19 February 2024
The deceased person is liable to pay tax as request was made when he was alive
Surajit Bhattacharya
(Student)
(47 Points)
Replied 19 February 2024
Thanks a lot Madam for your valuable response.
CA Rashmi Gandhi
(Chartered Accountant)
(85175 Points)
Replied 19 February 2024
Welcome 🤗🤗🤗🤗
Alton Beck
( Logistician)
(27 Points)
Replied 20 February 2024
Legally, the capital gains would be attributed to the deceased person for tax purposes. The surviving wife, as the joint holder of the bank account where the redemption amount was credited, may have access to the funds, but the tax liability remains with the deceased person's estate. scratch geometry dash
Surajit Bhattacharya
(Student)
(47 Points)
Replied 20 February 2024
Thank you very much for the explanation!
Devin Taunk
(22 Points)
Replied 22 February 2024
The return of the deceased person is required to be filed by appointing a legal heir, it depends who is the first holder of the bank account.
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