Capital gains

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Mayur Ejrekar (Querist)
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02 January 2015 Who can avail the benefit of the capital gains account scheme which is to be deposited with the Nationalised Bank for claiming exemption form capital gains?
What is the term (lock in period if any) of such deposit?

CA Nitin K. Varshney

CA Nitin K. Varshney (Expert)
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02 January 2015 assessee having capital gain can deposit in capital gain scheme in any nationalized bank whether as saving account or as term deposit. there is no lock in period in such account. the deposit is valid for 2/3 years as the case may be. assessee can withdraw his amount when he want to utilize this amount.

Mayur Ejrekar

Mayur Ejrekar (Querist)
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03 January 2015 What about the taxation aspect of the amount in these accounts? When to they become liable to be taxed?

CA Nitin K. Varshney

CA Nitin K. Varshney (Expert)
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10 January 2015 dear mayur, interest on these account is taxable. further if the amount is not been used/utilized as per the provisions of sec. 54, unused amount in this account claimed as exemption of capital gain will become taxable.

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