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CGAS applicability in the case of legal heir
If someone sold a property in Feb 2022, but did not file return of income and died in October 2022. Can capital gain account be opened in the name of legal heir now. Further, as the last day of filing of return u/s 139(1) is already passed, what are the options available to the legal heir regarding the capital gain from sale of property.
Replies (2)
Quick Summary
Legal heirs can purchase house property within specified time i.e before filing updated return and can claim exemption u/s. 54/54F as case may be.
Though there can be dispute for the claim but results are in favor of assessees in such cases.
Legal heirs can purchase house property within specified time, i.e before filing updated return, and can claim exemption u/s. 54/54F as case may be.
Though there can be dispute for the claim but results are in favor of assessees in such cases.
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