Thnakyou for your reply Sir,
Let us assume that the BOI is a resident.
The BOI has a house property which has to be sold. How is it possible to claim exemption from the Long Term Capital Gains? The benefeciaries are interested in investing in another house property after selling the old one. However the BOI being a estate of a deseased person cannot purchase the property in its own name and claim exemption u/s 54 as this exemption is available only to the individuals and HUF.
Also if the beneficiaries purchase houseproperty in their own name, then too exemption will not be available as the Capital gains will be the taxable income of BOI on which it has to pay tax, while the members will be getting relief u/s 86 for their share of income in BOI. Unlike before it is not optional now to club the income of the BOI in the hands of its members and file the return. It is mandatory to file the return of the BOI separately.