Question ID :
44902
Capital Gain - Tax in hands of legal Heir
Hi, An Assessee has deposited the amount received from sale of capital asset in CGAS with SBI. He has died before the lock in period and he has not invested in any property. Now, the asset has been transferred to the legal heir. Whether withdrawal of deposit attract tax impact in the hands of legal heir?
Posted by
SRIPRIYA PRAKASAM
on
Aug 01, 2025
Filed Under
DIRECT TAXES
Refer Circular No.743 dated 6.5.1996. The amount does not partake the character of income but is only a part of the estate devolving upon the legal heir. So, no tax on such sum received by the legal heir.
Posted by
SUBRAMANI V K on
Aug 02, 2025