Whether capital gain tax is leivable on legal representatives?
'Mr.A' had entered into an agreement with a builder in the year 1982 for 1/3 of his plot. Plot given to builder against full consideration and builder constructed apartment and sold them to flat owners in 1985 with possession against an agreement with full consideration received. No sale deed was executed at that time and also subsequently as Mr. A died. The property devolved to Mr. B sole son of Mr. A. Later Mr. B also died and property now is with Mrs. B and her two daughters. The flat owners now in 2011 wants the sale deed to be executed by the legal heirs i.e. Mrs. B and her two daughters. My queiries are: -
1) Whether the property is individual or HUF? (HUF cease to exist with death of B)
2) whether sale deed can be executed by legal heirs for undivided portion of land)?
3) what is the applicability of sec. 50C?
4) what if the legal heirs refuse to execute the sale deed?
5) what is the possession if the sale deed is executed by virtue of court order and sale deed being executed by court officer?
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