LTCG on Residential house property

[narendra mishra]

The 85 years old lady sold the property in november 2013 and other details are as under:

1) sale consideration 60 lac

2) Acquired before 1981

3) lady died in December 2013

4) Before she died he executed the will and nominated executor to pay the money to there son and daughter in different proportion.

My query

1) Is capital gain taxable in the hands of old lady or

2)Taxable in the hands of son/daughter.Whether they can get the benefit of exemption.

AI Summary

Capital Gains from Property Sale Taxable in Hands of Deceased Woman, Not Heirs, as Sale Preceded Death. An 85-year-old woman sold a residential property in November 2013 for 60 lakh, which she had acquired before 1981. She passed away in December 2013, leaving a will that designated an executor to distribute the proceeds to her son and daughter in different proportions. The query is whether the capital gains are taxable in her hands or in those of her heirs. The response suggests that the capital gains are taxable in the hands of the deceased woman, as the sale occurred before her death.