Capital gain assessable in the hands of legal heirs who inherited the land and shared sale consideration

Sushila Devi Meena & Ors. Vs ITO (ITAT Jaipur)

Conclusion –

Capital gain to be assessed in the hands of all the legal heirs who have inherited the land and also shared the sale consideration. Cost of acquisition has to be determined by considering relevant provisions of the Act as well as the fair market value of the land as on 01.04.1981.

Facts –

AO reopened the assessment to assess the capital gain arising from sale of agricultural land in the hands of the assessee which was inherited by the assessee on death of her husband.

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