Capital gains
This query is : Resolved
02 January 2015
Who can avail the benefit of the capital gains account scheme which is to be deposited with the Nationalised Bank for claiming exemption form capital gains?
What is the term (lock in period if any) of such deposit?
What is the term (lock in period if any) of such deposit?
02 January 2015
assessee having capital gain can deposit in capital gain scheme in any nationalized bank whether as saving account or as term deposit. there is no lock in period in such account. the deposit is valid for 2/3 years as the case may be. assessee can withdraw his amount when he want to utilize this amount.
03 January 2015
What about the taxation aspect of the amount in these accounts? When to they become liable to be taxed?
10 January 2015
dear mayur, interest on these account is taxable. further if the amount is not been used/utilized as per the provisions of sec. 54, unused amount in this account claimed as exemption of capital gain will become taxable.
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