Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2016 Hello all,

My client sold a property in jan 2016 and was planning to buy new property for section 54 exemption, but he died in april before purchasing another property. All the money has been trf to his Now his son utilized the money to buy new house.
my question is In whose hand capital gain tax arises & how to claim benefit of section 54.

please suggest.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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02 August 2016 In case of Ramanathan Vs CIT (1980) Madras, in case of assessee's death, it was held that, the legal representative can avail benefit u/s 54(1) of the Income Tax Act, 1961.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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02 August 2016 In case of Ramanathan Vs CIT (1980) Madras, in case of assessee's death, it was held that, the legal representative can avail benefit u/s 54(1) of the Income Tax Act, 1961.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2016 Thank for reply sir.

Please let me know In whose income Tax Return I can claim benefit?? Father or Son.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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03 August 2016 Father's status does not exist. So, son can claim the exemption.

If there are more than one legal representative, you may try ITR5 (body of individuals). I have not studied it thoroughly. Please ensure this before filing.

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2016 Okay.

Thanks a lot Sir.