Question ID : 29628

Capital gain u/s 54F

X an individual sold a land on 16.12.2016 for Rs 50.00 lacs, cost of acquisition was Rs 1.00 lacs acquired on 25.01.2005. During F Y 2016-17 Asstt year 17-18 he filed his ITR by depositing Rs 50.00 lacs in capital gain account of SBI as he did not purchase a residential house property in this year, and decided to purchase after one year. In the mean while X expired on 25.01.2018 leaving the amount of Rs 50.00 lacs in Capital gain account of sbi as it is. Now my query is how to use this 50.00 lacs in capital gain account of sbi. Wife was nominee of this account, and banker are ready to give the money to wife. But whether wife of X should acquire a house property of Rs 50.00 lacs to sustain the claim us 54F now, or what other matter should be look forward in this regard.

posted by pradeep kumar agrawal on May 9 2018 12:00AM