Capital gain tax
Aditya Jain (Indore) (24 Points)
30 December 2014Aditya Jain (Indore) (24 Points)
30 December 2014
CA Harsh Kothari
(Consultant)
(302 Points)
Replied 30 December 2014
Z
( )
(2960 Points)
Replied 30 December 2014
[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.