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Capital gains query

Krm91 (Student) (782 Points)

27 July 2013

Amount which was deposited and untilised in capital gains accounts scheme on end of expiry period will be taxed as ltcg or stcg?

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5 Replies

Himanshu Bhanawat (Articleship) (111 Points)
Replied 27 July 2013

It will depend on the asset sold, whether it was ltca or stca, as the case may be..

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Krm91 (Student) (782 Points)
Replied 28 July 2013

So if asset sold was stca then wat is the implication? Also if it was ltca then wat wil be the implication?

Ishan kewlani (Article) (172 Points)
Replied 29 July 2013

Sec 54 & 54f exempts only LTCG so in that case amt not utilised wld b ltcg.

Krm91 (Student) (782 Points)
Replied 29 July 2013

So if exemption is claimed of stcg then even in amt invested being stcg yet the unused amt in CAGS Account wil be taxable as ltcg?

Ishan kewlani (Article) (172 Points)
Replied 29 July 2013

Sec 54 B deals with the transfer of agricultural land used for 2 years or more, so in that case stcg or ltcg are exempt according to the case . So if the gain is stcg & amt not utilsed within time period then it will be taxed as stcg.

But Sec 54 & 54 F deals only with LTCG so in that case any amt deposited in CGAS & not utilised in the time period will be taxable as LTCG. For stcg no exemption of 54 & 54F.