Taxable capital gains and forms 15g/h

Form 15G/H, as applicable, is submitted to banks etc. where an assessee estimates that his income would be below taxable limit. This form is usually submitted at the start of a financial year. After submitting the form, an assessee receives some taxable capital gains (either long term or short term or both) such as from encashment of mutual fund units, or sale of property/shares/other assets, resulting in his income exceeding the tax-free limit and creating a tax liability. These unplanned transactions may take place later during the financial year - not at the time of submission of Form 15G/H.

Should the assessee be required to 'withdraw' the 15G/H forms submitted earlier, if such a provision exists? Would he be penalised for submitting 'false' 15G/H earlier? How does the I-T Department view such cases?

Replies (3)
when it comes to ur knowledge that ur income will exceed basic exemption limit then u should withdraw form n tax department will not penalise for it. But the assessee should pay tax as per provisions applicable. if he doesn't pay then income tax department may take action

Intimate bank/s for deduction of TDS from next quarter, pay liable advance tax with interest. No penalty levied.

Thank you, Ms. Gauthami and Rambhia sir, for your advice.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 August 2026
International Corporate Tax Advisory

Shulke

Bengaluru

CA

View Details
Company
19 August 2026
PAID ARTCILE ASSISTANT

My Legal Tax Consultants Pvt. Ltd.

Noida

CA Inter

View Details
Company
11 August 2026
Manager / Senior Manager - Statutory Audit

CommerceCareer

New Delhi

CA

View Details
Company
ARTICLESHIP 08 August 2026
CA Articleship

RSAG & CO LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details