|QUERY:||Please explain the procedure for e-filing of return of a deceased’s estate till final distribution of assets i.e. maturity of Section 54EC Bonds, Tax Saving FDR., P.O. deposits etc., [section 168 (1)(a)]. Whether he will have to apply for separate PAN or PAN of deceased will serve the purpose. The basic exemption will also be available for Rs. 2,00,000/- or not applicable to deceased?|
|ANSWER:||Section 168 of the Act applies to executors as well as to administrators or other person administrating the estate of a deceased person.
Sections 159 and 168 of the Act deal with assessments on legal representatives. Section 159 of the Act is meant to enable the revenue to make an assessment on legal representation in respect of the income which accrued to or was received by the deceased, while section 168 of the Act authorises an assessment on the legal representative in respect of the income which accrues to him after the death, the estate being vested in him. Though the assessment is on the executor or executors, as the case may be, for all practical purposes it is the assessment of the deceased [CIT v. G.B.T. Sheth and Another – 133 ITR 192 (MP)].
Hence, the executor has to e-file return under the PAN of the deceased and would be entitled for basic exemption.
|EXPERT:||CA. H. N. Motiwalla|
|SECTION(S):||159, 168, 54EC|
|CATCH WORDS:||exemption, PAN Card, search assessment|
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