Treatment of unutilised capital gains deposit: unutilised amount on death is not taxable to the deceased or heirs.

If an individual assessee dies before utilising the deposit under the Capital Gains Scheme Account within the prescribed period, the unutilised amount is not to be treated as income of the deceased and is not taxable in the hands of the legal heirs; the unutilised deposit does not acquire the character of income and remains exempt from income taxation.

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