Capital gains exemption for legal heir, Income Tax

[Sandeep Saini]

An Assessee and her husband sold a long term asset being agricultural land in April 2012. To claim exemption the assesee bought a residential plot in her name in March 2013 (she did not have another residential house) intending to construct house on it. Unfortunately she died in June 2013 before opening the Cap Gains account with a bank which was to be used for construction costs.

Would the spouse be able to get the exemption which the assesse was entitled to for both the plot and the construction costs and on whose name can the cap gains account be opened if that is possible?

Posts / Replies

[Sandeep Saini]

Above query should be read as not being agricultural land as the land was in urban limits.