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Q. > Please Help: Tax
if a person has rental income and he has not disclosed it n there is case of concealed income,bt he dies then his son recieve property inhertence,then whether provision of tax will apply on son.wt wil be treatment of concealed income,and where is provision releted to inhertiance under income tax,plz reply with section numb n if u r sure thn write sure otherwise write m nt sure.
answered Sep 01, 2011 by Ashish Karundia , New Delhi
Dear Latit,
Section 159 (1) of the Income tax Act, 1961 provides that where a person dies, his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased. Further, Section 159 (2) (‘c) provides that all the provisions of this Act shall apply accordingly.
Therefore, in light of the above discussed provisions the legal heirs will be liable for the income (including concealed income) of the deceased person.
Further, you can also click on the following link which covers cases under Section 159 of Income Tax Act http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/casesec159.htm
Experts Panelist
Comments
lalit garg
02-Sep-2011 , 01:55:07 amThank u very much