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capital gain account

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(Querist)
29 September 2008 what is capital gain account. and what is benefit of such account.
plz reply soon.
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Taxguy

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Taxguy (Expert)
29 September 2008 it is account that can be opened in the Bank as provided in Capital Gains Account Scheme 1988. The Capital gains if not offered to tax for reason that you can wait to acquire a new asset, then the CG must be deposited in this account, and can utilised to acquire the new asset.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
29 September 2008 Gain (Sale proceeds minus cost of acquisition)that is arising out of transfer of capital asset. Advantage? reporting of capital gain separately that suffers a different rate of tax.

If you mean a bank account then Mr.Kotresh has replied you.
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