Capital gain accounts scheme not used within 3 years
This query is : Resolved
28 December 2021
Dear sir
If an assessee had deposited proceeds of capital gains in Capital Gain Accounts Scheme & the said is not used within a period of 3 years then
a) Where to these unused deposits chargeable to tax (Capital gain or other source)
b) If it should be shown in Capital Gains then what will be cost of asset? i.e original cost of asset trfd or proceeds of CGAS?
b) Rate of tax
If an assessee had deposited proceeds of capital gains in Capital Gain Accounts Scheme & the said is not used within a period of 3 years then
a) Where to these unused deposits chargeable to tax (Capital gain or other source)
b) If it should be shown in Capital Gains then what will be cost of asset? i.e original cost of asset trfd or proceeds of CGAS?
b) Rate of tax
CA R SEETHARAMAN
(Expert)
28 December 2021
a Capital gains.
b Original cost of the assets.
c 20% tax payable.
b Original cost of the assets.
c 20% tax payable.
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