My grandfather has sold agriculture land in urban area in Feb 2012 & the LTCG amt earned has been transferred to his saving bank a/c. Unfortunately he has passed away within 2 weeks of land sold. While alive; he had made/written a will in which he has mentioned me (grandson) as a legal heir.
As he has passed away in no time after selling the land & therefore didn't had enough time to invest the LTCG amt to save tax.
Would like to understand from you, Being his legal heir, am I suppose to pay tax on LTCG earned or else will be given an equal opportunity to invest (in buy agriculture land, house or bonds) the amt. to save taxes?? Please answer at the earliest as we have to file return before 31st July.
