Excahnge of Assets - devolution of assets
4 important questions on Excahnge of Assets - devolution of assets
What happens to the assets of a deceased person according to Para 3(a)?
- Devolution of assets of a deceased person on executor/trustee or beneficiaries.
- Executor/trustee disposes of RP to third party.
- RP transferred to beneficiary based on WILL.
How is the RP taxed if executor dispose of RP?
- Taxable on the executor:
- A/P: M/V at date of death
- A/D: date of death
How is the RPGT taxed when RP transferred to a beneficiary based on a WILL is disposed?
- Taxable on beneficiary:
- A/P: M/V at date of transfer of ownership
- A/D: date of transfer of ownership
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What is the tax on legatee/beneficiary for RP disposal during scenario of 'in lieu of cash'?
- Taxable on legatee/beneficiary:
- A/P: Lower of M/V at date of transfer of ownership or legacy money
- A/D: date of transfer of ownership
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