Capital gain account
This query is : Resolved
18 November 2011
Suppose a person opens a capital gain account for saving capital gains .After Investing the amount in the capital gains account, The assessee dies ? What happens to the capital gains account? What is the liability of the legal heirs ? Is it compulsory to comply the terms of the capital gain on the part of the legal heir?
18 November 2011
1) The amount can be withdrawn by filing the prescribed form called as 'form H'.
2) The unutilised amount can't be taxed in the hands of the deceased. Like wise the amount is not taxable in the hands of the legal heirs as the unutilised portion of the deposit does not partake the character of income in their hands but is only a part of the estate devolving upon them.
2) The unutilised amount can't be taxed in the hands of the deceased. Like wise the amount is not taxable in the hands of the legal heirs as the unutilised portion of the deposit does not partake the character of income in their hands but is only a part of the estate devolving upon them.
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