How to treat unutilised capital gain account scheme amount

If you've deposited funds into a Capital Gains Account Scheme but haven't utilised them within the stipulated time, the unutilised amount will be treated as capital gains in the current financial year. You'll need to report this in your Income Tax Return for the next assessment year. If the two-year period for the Capital Gains Account has passed, the account must be closed, and the remaining funds returned to your savings account, with capital gains tax payable on that sum.