Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Section 27(iii). Deemed owner in case of holder of impartible estate
Section 27(iii). Deemed owner in case of holder of impartible estate Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Section 27(iii). Deemed owner in case of holder of impartible estate Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is a deemed owner in the case of a holder of an impartible estate? |  |
Ans. In the case of a holder of an impartible estate, a deemed owner refers to an individual who is considered the owner of the estate for taxation purposes. This is applicable even if the person may not have the legal title or ownership rights over the estate. The concept of deemed ownership is used to determine the tax liability of such individuals.
| 2. How is the taxation of a deemed owner of an impartible estate determined? | |
Ans. The taxation of a deemed owner of an impartible estate is determined based on the income that he or she derives from the estate. The deemed owner is required to pay taxes on the income generated by the estate as per the prevailing tax rates and laws. The income may include rent, lease amounts, profits from agricultural activities, etc.
| 3. Are there any specific tax benefits or exemptions available for deemed owners of impartible estates? | |
Ans. Yes, there are certain tax benefits and exemptions available for deemed owners of impartible estates. They are eligible to claim deductions on expenses incurred for the maintenance, repair, and renovation of the estate. Additionally, they can also avail exemptions on agricultural income subject to certain conditions.
| 4. Can a deemed owner of an impartible estate transfer the ownership or sell the estate? | |
Ans. No, a deemed owner of an impartible estate cannot transfer the ownership or sell the estate. The concept of an impartible estate implies that the estate is indivisible and cannot be divided or alienated. The deemed owner may have certain rights and benefits associated with the estate, but the actual ownership remains intact and cannot be transferred.
| 5. What are the implications of being a deemed owner of an impartible estate for succession and inheritance? | |
Ans. Being a deemed owner of an impartible estate has implications for succession and inheritance. Upon the death of the deemed owner, the estate typically passes on to the next eligible successor as per the customary laws or provisions mentioned in the estate documents. However, it is important to consult legal experts and understand the specific laws and regulations governing succession and inheritance of impartible estates in the respective jurisdiction.
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Dec 20, 2024 Last updated |
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