Capital gain scheme account query urgent

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This query is : Resolved

Neerav Yogesh Shah (Querist)

20 January 2012 one of my assessee has deposited capital gain income for FY 2010-11 in the capital gain scheme account in AY 2011-12 before the due date of filing return.

during the Assessment year the ASSESSEE DIES in the month of November

So the amount in Capital gain Scheme Account cannot be invested in any of the Residential property.

So the amount in that particular account goes to legal heir

now is it necessary that legal heir should invest the particular amount in the specified property before the end of 3 year or the AO may say the legal heir to pay the tax amount on amount invested in the account since no investment is made by the Assessee.

plz guide in this query

is there any circular on the specified matter??????????????????

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

20 January 2012 You may go to the following link in which CA Shri
C. Warrier, Expert of CACLUB, has replied the query-

https://www.caclubindia.com/experts/capital-gain-account-821115.asp

According to his reply the amount can be withdrawn by the legal heirs and such withdrawal can not be said as income of the recipient, so question of further investment or taxability will not arise.

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