Tuesday 4 August 2015

Income mistakenly declared in return can't be taxed

IT : Where a person died intestate and dispute cropped amongst family members income of deceased for year of his death is to be bifurcated into two parts, viz., up to date of his death which is to be taxed in hands of legal representatives and from date of his death till year ending or up to date of complete distribution to beneficiaries, whichever is earlier, in hands of executors

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