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Query on LTCG in the hand of legal heir

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afparveen

Senior

21 Points Posted on 29 December 2023

The property (land and constructed house on it) was sold in p.y 2018-19. The assessee passed away in February 2019. Will the ltcg on the sale be taxable in the hands of legal heir?

Will any notice under section 147,156,270a to the deceassd be a valid notice in 2023-24?

* the department was not informed of the death

* ITR wasn't filed for AY 2019-20

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Quick Summary

This discussion addresses whether Long Term Capital Gains (LTCG) tax on a property sale is taxable in the hands of legal heirs when the assessee passed away after the sale but before the tax year ended. It also explores the validity of tax notices issued to the deceased in 2023-24, especially when the department was unaware of the death and the Income Tax Return (ITR) for the relevant Assessment Year (AY) was not filed.