Sir
My client's father sold a landed property and he wanted to invest the capital gains amount in Rural Bonds and claim exemption. Before he could do this he died. My client who is the only successor has to file the return of income as legal representative of his father. Can my client invest in Capital Gains Exemption bonds and claim exemption u/s 54EC? Please clarify.
Legal heir can invest in Capital Gains Exemption Bonds under Section 54EC to claim deceased father's tax exemption. A client's father sold a property intending to invest the capital gains in Rural Bonds for tax exemption but passed away before doing so. The client, as the sole heir, inquires if they can invest in Capital Gains Exemption bonds and claim the exemption under section 54EC when filing the father's income tax return. The response confirms that the client, as the legal heir, can invest in the bonds and claim the exemption, provided it is declared to the Income Tax authorities. (AI Summary)
Income Tax
TaxTMI 
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TaxTMI 
