capital gain
This query is : Resolved
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
11 August 2016
the legal heir to comply with the same.
11 August 2016
Sir I mean the legal heir has the tax liability to be paid. can he claim deduction u/s 54
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
11 August 2016
You are most welcome.
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