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of <h1>Capital Gains Deposits Untaxed for Deceased; Legal Heirs Not Liable, Clarifies Central Board of Direct Taxes.</h1> Under the Income-tax Act, 1961, capital gains are not taxable if used for specified purposes within a set period, with unutilized amounts deposited in specified banks. If not used within the specified period, the unutilized amount is taxable. However, if an individual dies before this period expires, the unutilized deposit is neither taxable in the hands of the deceased nor the legal heirs, as it is considered part of the estate, not income. This clarification by the Central Board of Direct Taxes ensures that legal heirs are not liable for taxes on such amounts.
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