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Is exemption is availabe under cg in the handa of legal heir

This query is : Resolved 
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(Querist)
06 January 2016 IF Assessee died after selling property then whether it is taxable in the hands of legal heirs and if taxable whether exemption can claim u/s 54 by investing amount in eligible property
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2016 Is legal heir assessed on behalf of the assessee ?
Is he entitled to file the return of the deceased ?
Is he an assessee U/s 2(7) ?
Reply to all is -"Yes".
.
For the purpose of levying tax on capital gains -he is an assessee and for getting the benefit of capital gains scheme he is not an assessee ? Is it reasonable ?
.
Whether the exemption section contemplates a later event ?
.
So, the legal representative is logically entitled to the benefits also and can validly claim the exemption U/s 54.
.
C.V. Ramnathan V CIT125 ITR 191, Madras
Late Mir Gulam Ali Khan v CIT 165 ITR 228 Andhra Pradesh
.
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