CAPITAL GAIN ACCOUNTING SCHEME 1988
This query is : Resolved
20 May 2020
DEAR SIR,
WE INVESTED CAPITAL GAIN AMOUNT IN THE CAPITAL GAIN SCHEME IN THE BANK TERM DEPOSIT ACCOUNT FIXED ABOUT THREE YEARS. IF WE ARE NOT ABLE TO PURCHASE OR CONSTRUCT NEW RESIDENTIAL HOUSE PROPERTY THE WHOLE FIXED AMOUNT AFTER EXPIRY OF THREE YEARS WILL BE TAXABLE OR ONLY THE YEAR OF INVESTMENT EXEMPTED FROM INCOME TAX.
OR CAPITAL GAIN SCHEME IS COMPLETELY EXEMPT FROM INCOME TAX.
PLEASE CLARIFY ME
REGARDS
WE INVESTED CAPITAL GAIN AMOUNT IN THE CAPITAL GAIN SCHEME IN THE BANK TERM DEPOSIT ACCOUNT FIXED ABOUT THREE YEARS. IF WE ARE NOT ABLE TO PURCHASE OR CONSTRUCT NEW RESIDENTIAL HOUSE PROPERTY THE WHOLE FIXED AMOUNT AFTER EXPIRY OF THREE YEARS WILL BE TAXABLE OR ONLY THE YEAR OF INVESTMENT EXEMPTED FROM INCOME TAX.
OR CAPITAL GAIN SCHEME IS COMPLETELY EXEMPT FROM INCOME TAX.
PLEASE CLARIFY ME
REGARDS
20 May 2020
The principal portion of the FD is taxable under the head LTCG and the interest is taxable under the head
IFOS.
IFOS.
21 May 2020
THANK YOU SIR,
SO CAPITAL GAIN SCHEME ACCOUNT IS ONLY TO KEEP THE AMOUNT UNTIL PURCHASE NEW HOUSE PROPERTY OR CONSTRUCTION. THERE IS NO TAX EXEMPTION ON INVESTMENT IN THE CAPITAL GAIN SCHEME ACCOUNT.
THANKS AND REGARDS
SO CAPITAL GAIN SCHEME ACCOUNT IS ONLY TO KEEP THE AMOUNT UNTIL PURCHASE NEW HOUSE PROPERTY OR CONSTRUCTION. THERE IS NO TAX EXEMPTION ON INVESTMENT IN THE CAPITAL GAIN SCHEME ACCOUNT.
THANKS AND REGARDS
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