hi
Mr.X sold residential property in month of May 2024, had plan to but another residential one and was in his s/b account.
He attained Lotus feet in month of October 2024, leaving behind his son as Legal heir.
Now that Mr.X bank account is inoperative, the balance is transferred his wife a/c as nominee.
As per their rituals they cannot buy new property for atleast year.
please let me know the next procedure, can the amount in bank be transferred to his son who is the only Legal heir and what would be the tax implications, what period should he keep the amount in capital gain account scheme before making new investment
thank you
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Capital gain on death of Assesee
Replies (1)
Legal representative can perform the remaining duties as liable to the assessee. He can keep the capital gain amount in CGAS. 1988 account, before filing the relevant ITR. The amount should be utilized before the deadlines specified u/s. 54 IT act.
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