Capital gain account schemes (CGAS) Holder died before building residence property, she purchased plot this year but didn't start work. Property sold on March 2025.
Now the legal heirs have to open CGAS account & continue building residential property?
Or
Have to pay CG tax?
Please mention methods available to avoid CG tax, we are in process of building home..
Thanks
In my view, the legal heirs are not required to open a fresh CGAS account and continue construction merely to preserve the exemption claimed by the deceased. On the death of the assessee, the unutilized CGAS balance forms part of the estate and can be claimed by the legal heirs. The exemption already allowed to the deceased is generally not withdrawn, and the unutilized balance is ordinarily not taxable in the hands of either the deceased or the legal heirs, subject to the facts of the case and relevant judicial precedents.
Karia Overseas
Ahmedabad
CA
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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