Investment into LTGC bonds by deceased person

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  1. Y.S. Kale

    Y.S. Kale New Member

    Dear Sir,

    My parents who were joint holder sold off their house in February 2016.

    LTGC of 5L each arising from this sales of property. They decided to invest in NHAI bonds u/s 54EC. My father filled up the application form and also signed the cheque, but unfortunately he died in June 2016 before submitting this application form.
    Can my Mother who is legal heir submit this form showing investment u/s 54 EC before 31/7/16 and file under legal heir?
    Please suggest.
    Thank you.
    Yogendra
     
  2. ZED

    ZED Well-Known Member

    Yes, she can. The objective of the Section was to provide the relief . Further Legal heir has all the power which an assessee would have.
    Without going into much details, I can assure you to the extent of 100% that the exemption can be availed.

    Some judgement in favour.
    C.V. Ramanathan v. CIT [125 ITR 191] [Madras]
    Late Mir Gulam Ali Khan v. CIT [165 ITR 228] [Andhra Pradesh]
     
  3. Y.S. Kale

    Y.S. Kale New Member

    Thank you for your prompt response. I would now like to know how does legal heir purchase these bonds on behalf of the decease? Can she submit the same form which was signed for 24/6/16 where as he expired on 19/6/16?
    Thanks you in advance.
    Yogendra
     
  4. ZED

    ZED Well-Known Member

    For the procedure, you will have to contact the bank/Institutional personnel. If you have subsequent query I will be happy to hear it.
     
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