capital gain

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Kiran (Querist)
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11 August 2016 Hello. My Uncle sold residential property and out of proceeds he had made advance for purchase of another property, but due to his sudden death the transaction could not be made. The person who took advance is also absconding. what would be the tax liability on his son, can he claim any deduction please advise

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2016 the legal heir to comply with the same.

Kiran

Kiran (Querist)
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11 August 2016 Sir I mean the legal heir has the tax liability to be paid. can he claim deduction u/s 54

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2016 yes, the exemption is property based...if the property is purchased/constructed within the stipulated time from the date of transfer, the exemption can be claimed by the legal heir

Kiran

Kiran (Querist)
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11 August 2016 Thank you sir

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2016 You are most welcome.

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