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1) The amount can be withdrawn by filing the prescribed form called as 'form H'.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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
