EXEXMPTION U/S 54 AFTER DEATH OF ASSESSEE

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This discussion clarifies how to claim Section 54 capital gains tax exemption when the property owner passes away after selling the asset. The legal heir can register on the deceased's e-filing profile and make the new property investment in their own name, acting as a representative of the deceased. This allows the exemption to be claimed, and the legal heir can also file the Income Tax Return on behalf of the deceased for the relevant assessment year.

ESMAIL SITABKHAN

ESMAIL SITABKHAN (Querist)

18 December 2024 The property was sold by asessee during the current year FY 2024-25 after selling the property assessee died during 3 months. to take benefit of exemption u/s 54 in whose name investment is to be made in another house and also how to file the IT return for AY 2025-26.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

18 December 2024 Register legal heir in the efiling IT profile for the decease person. The legal heir finalize the acts pending on behalf of the deceased. He/she can even file the relevant ITR on behalf of the deceased.

ESMAIL SITABKHAN

ESMAIL SITABKHAN (Querist)

23 December 2024 WHAT ABOUT INVESTMENT??? IN WHOSE NAME CAN WE TAKE PROPERTY TO CLAIM EXEMPTION U/S 54

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 December 2024 After registration as legal heir, the Legal heir can purchase property in his name as representative of the deceased person for exemption claim.

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