DEPOSIT UNDER CAPITAL GAIN SCHEME AND SAVE TAX!!!!

DEPOSIT UNDER CAPITAL GAIN SCHEME AND SAVE TAX!!!!

WHEN ASSESSEE SELLS ANY PROPERTY WHICH MORE THAN THE VALUE OF INDEXED COST, THE RESULTANT WILL BE THE CAPITAL GAIN. THE CAPITAL GAIN SO EARNED WILL CHARGED TO INCOME TAX IN THE PREVIOUS YEAR IN WHICH PROPERTY IS TRANSFERRED.

THE ASSESSEE IS LIABLE TO PAY TAX ON THE CAPITAL GAI N HE EARNED FROM THE TRANFER OF PROPERTY AS PER TAX SLAB RATE OR THE SPECIFIED RATE AS THE CASE MAY BE, BUT IN ORDER TO SAVE THE CAPITAL GAIN TAX, THE ASSESSEE CAN DEPOSIT THE CAPITAL GAININ THE SPECIAL ACCOUNT KNOWN AS CAPITAL GAIN ACCOUNT SCHEME, THIS ACCOUNT MAY BE OPENED IN SPECIFIED BANKS.

THE AMOUNT SO DEPOSITED WILL NOT BE TAXABLE AS PER SECTION 54 OF INCOME TAX ACT, 1961. TO CLAIM THE BENEFIT OF TAX THE ASSESSEE SHOULD DEPOSIT THE CAPITAL GAIN WHICH WAS UNUTILISED BY ASSESSEE FOR THE PURCHASE OR CONSTRUCTION OF ANY PROPERTY, THE ASSESSEE HAVE OPTION WHETHER TO DEPOSIT THE SAID UNUTILISED AMOUNT IN LUMPSUM OR IN INSTALMENTS BUT HE SHOULD DEPOSIT THE SAME AMOUNT BEFORE FILING HIS RETURN OF INCOME.

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