04 November 2021
Yes, the exemption can be claimed by legal heirs. After the death of legal heir, representative enters into the shoes of deceased and resultant capital gain exemption can be claimed on it by legal representative. 1. Late Mir Gulam Ali Khan v. CIT [165 ITR 228], the Andhra Pradesh High Court 2. C.V. Ramanathan v. CIT [125 ITR 191] Madras HC. The investment can be in either mode, legal representative independently or jointly.
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