Taxability of unutilised deposit under the Capital Gains Accounts Scheme, 1988*, in the hands of the legal heirs of the assessee - Reg.

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..... 54B, 54D, 54F and 54G of the Income-tax Act, 1961, capital gain is not chargeable to tax if the amount of capital gain or net consideration has been utilised for specified purposes by the assessee within the stipulated period laid down in the relevant section. These provisions also provide for the deposit in specified banks, etc. of the amount of capital gain which is not utilised by the assessee .....

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..... has been raised regarding the taxability of the unutilised deposit amount in the case of an individual who dies before the expiry of the stipulated period. 3. The matter has been considered by the Board and it is clarified that in such cases the said amount cannot be taxed in the hands of the deceased. This amount is not taxable in the hands of legal heirs also as the unutilised portion of the .....

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