A depositor had opened a LTCG account on sale of the property and invested in a new property which is under construction. Within the course of 3 years of opening the LTCG account the depositor passes away & the account does have a nomination. The nominee is the legal heir of the said property.
My question is can the LTCG account be closed and a new LTCG account be opened in the name of the legal heir so that the amount can be utilized for the balance payment of the new property without paying any income tax.
If not the case what is the best way forward to ensure the tax liability is minimum.