Capital gain tax
i have a fix deposit in a capital again acount due to death of a holder it got transfer to me and broke prematurely now weather i have to deposit thethe money in a capital account itself by opening it or i can use the money as i want ? Please guide?
Replies (2)
Since, you are not the person who earned capital gains, there is no requirement for you to keep the amount in the capital account! you
can use the money ! you may refer circular 743 dated 06-05-1996
[Edit: I now see that it has already been answered, this topic was open in one of my tabs and was left out
anyways, answer is absolutely correct]
2. A question has been raised regarding the taxability of the unutilised deposit amount in the case of an individual who dies before the expiry of the stipulated period.
3. The matter has been considered by the Board and it is clarified that in such cases the said amount cannot be taxed in the hands of the deceased. This amount is not taxable in the hands of legal heirs also 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.
Circular : No. 743, dated 6-5-1996.
You may do as you please
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