6 Smart Things To Know About Capital Gain Account Scheme
Posted on October 01 2020
· Capital Gain Account Scheme allows you to park the sale incomes of a property without capital gains tax subjection and implemented another property is bought within 2 years of sale or built within 3 years of the sale.
· To be qualified for this immunity, account needs to be opened and funds needs be deposited therein before the due date of filing of the seller’s income tax return for the suitable financial year.
· The account under Capital Gain Account Scheme needs to be opened with an urban or metro branch of any bank pre-described by the government.
· The sellers should open a Type A or Type B account. Type A account works like a savings account and is relevant for those constructing a property. Type B account works like a fixed deposit.
· You can withdraw from Capital Gain Account Scheme by submitting an application in recommended form. The funds need to be exploited for the payments towards the property within 60 days of withdrawal.
· Any exploited funds lying in the account at the end of the recommended period will be subject to income tax as capital gains.
Tax Assistis a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assistand its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
Write a comment
Your email adddress will not be published. Required fields are marked