Taxability of Real Estate transactions
Taxability of Real Estate transactions
Taxability of Real Estate transactions
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Death <strong>of</strong> the assessee<br />
• Legal heirs entitled to exemption if<br />
conditions satisfied<br />
CV Ramanathan (1980) 155 ITR 191 (Madras)<br />
Mir Ghulam Ali Khan (1987)165 ITR 228 (AP)<br />
• Deposit in Capital Gains Scheme A/C<br />
inherited by the legal heirs<br />
• No obligation to utilize the same for<br />
purchase or construction <strong>of</strong> the residential<br />
house because the same is not income but<br />
estate devolving upon the legal heirs.<br />
Circular No. 743, dt 13-7-1989<br />
1989