. . legal heir – Tax Questions and Answers

catchwords: legal heir

  • Is Legal Heir Is Entitled To Claim Benefit Of S. 54 / S. 54F?

    This point has been decided by the Madras High Court in C.V. Ramanathan v. CIT [125 ITR 191], wherein the Court held that one of the concessions provided for persons deriving capital gains under the Income-tax Act is that where a person sells property used for his residence and substitutes another its place, then any capital gain derived by him would not be liable to assessment so long as the entire capital gain is reinvested in the newly acquired property.