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Capital gain

Neeraj Agarwal (business) (7 Points)

18 July 2019

flat sale took place on jan 2019 , and purchase of new flat on April 2019. on may 2019 the person expire so I have two doubt

1) can purchase consider as a sec 54 deduction as purchase translation took place in another financial year

2) In which year I should filed the last return for the person

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3 Replies

SPITMAN PARDIWALA (Senior Executive) (4 Points)
Replied 18 July 2019

Since sale of flat is in Jan 19 n if consideration n deed reflect Jan 19 then file CG in FY 18-19 with 54 benefit in ITR AY 19-20. ITR will be filed by Legal heir of deceased for AY 19-20 before 31st July 2019.

Neeraj Agarwal (business) (7 Points)
Replied 18 July 2019

thanks sir., so we can file last return and also close IT account

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 18 July 2019

Originally posted by : Neeraj Agarwal
	thanks sir., so we can file last return and also close IT account

As far as I know, only the last IT return can be filed by the deceased, but cancelling the PAN and closure of IT account cannot be done by the legal heir. For that to happen, the kin are required to write to the Jurisdiction AO in paper form requesting for cancellation of PAN and closure of IT account by attaching necessary paper work like death certificate.

How many people in India do this process, I dont know. That is what I have heard / read.