A study was undertaken to determine the response to selection for high grain yield and yield related components, to estimate the heritability of these traits, to compute the correlations of grain yield with yield components and to estimate the genetic potential transferred from one generation to other by using different segregating generations of rice. In the present study various segregating populations (F₂, F₃ and F₄) of TS 29 / CO(R) 49 were evaluated for yield and its related traits. The results indicated that correlation studies in F₃ generation had the positive association of single plant yield with fertility percentage, number of productive tillers plant^-1, panicle length, panicle exsertion percentage, stigma exsertion percentage and spikelet fertility percentage. Study on parent-progeny regression revealed positive significant regression and correlation coefficient estimates observed in F₃-F₄ generation for days to 50% flowering, number of productive tillers per plant, panicle length, panicle exsertion percentage and stigma exsertion percentage which indicated that F 3 are good indicators of F₄ performance for all these traits. Narrow sense heritability increased with advancement of generation from F₂ to F₄ indicating the additivity of gene effects for number of productive tillers per plant, panicle length and panicle exsertion percentage. It indicates the chances of selecting high yielding genotypes at early generations based on these characters are valuable.