DISOLUTION OF ESTATE OF A DECEASED PERSON

[CABIJENDERKUMAR BANSAL]

Dear All

Please help on following query:

Assessee expired in 2010-11 and pending family settlement , family members created Estate of deceased person transferring all movable and immovable properties held by the deceased person. now they want to disolve estate. My query is what is the procedure of this, and what are the tax implications on transferring properties by estate which is an AOP as per income tax act.

[Ganeshan Kalyani]

Sir, to get early reply I would request to drop email to my collegue experts in this forum - Sri Sanjay Sir, Sri Mariappan Sir or Sri Akash Deep Ji. Thanks.

AI Summary

Estate dissolution raises procedure and tax implications for property transfers when the estate is treated as an AOP. Dissolution of an estate treated as an Association of Persons (AOP) raises two core questions: the procedure to terminate an estate holding transferred movable and immovable properties pending family settlement, and the tax consequences when the estate transfers or distributes those properties-notably whether transfers trigger tax at the AOP level or capital gains on distribution to beneficiaries and what transfer formalities and documentation are required. The available response in the record offers no substantive guidance.