| Question And Answer | |
|---|---|
| Subject: | AMOUNT KEPT IN CAPITAL GAIN ACCOUNT |
| Category: | Income-Tax |
| Querist: | NIRMAL KUMAR |
| Answered by: | Advocate Neelam Jadhav, Advocate Shashi Ashok Bekal |
| Tags: | Capital Gains, legal heirs |
| Date: | June 8, 2022 |
The assessee sold an immovable property and deposited sale consideration to the tune of caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme.
What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.
As per section 159(1) of the Act, where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased.
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