https://www.taxtmi.com/caselaws?id=390294 Property inherited after the commencement of the Hindu Succession Act, 1956 devolves on heirs in their individual capacity and not as continuing HUF property; accordingly, capital gains arising from such property are taxable in the heirs' individual hands. Because the lower authorities had disallowed sections 54F and 54B claims mainly on the mistaken HUF premise, those exemption claims required fresh examination on their own factual and statutory merits, and the matter was restored for reconsideration. The claimed sale-related expenditure was disallowed where no supporting evidence was produced, so that disallowance was sustained. en-us Wed, 23 Oct 2019 00:00:00 +0530 Fri, 27 Dec 2019 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390294 Property inherited after the commencement of the Hindu Succession Act, 1956 devolves on heirs in their individual capacity and not as continuing HUF property; accordingly, capital gains arising from such property are taxable in the heirs' individual hands. Because the lower authorities had disallowed sections 54F and 54B claims mainly on the mistaken HUF premise, those exemption claims required fresh examination on their own factual and statutory merits, and the matter was restored for reconsideration. The claimed sale-related expenditure was disallowed where no supporting evidence was produced, so that disallowance was sustained. Case-Laws Income Tax Wed, 23 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390294