An individual purchased an agricultural land in 1972. The owner of the property died. The land also was not used for agriculture purpose for the last 5 years because of nearby agricultural land was all sold for construction of house property.
His legal heirs (5 persons) sold the land in the FY 2012-13 and shared the amount equally. They are not IT Assessee. All the legal heirs deposited the amount in the Capital Gain Account Scheme and used the amount for construction of Residential House property in the FY 2012-13.
1. Filings of Income Tax Return of the legal heirs are required?
2. Two legal heirs unable to complete the construction house property, they require another 3 months to complete the construction.
Pls Advice
CAclubindia
