TaxTMI 
TaxTMI 
Capital Gain Accounts Scheme 1988
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....ragraph 4 of this Scheme; (c) "Account-B" means Deposit Account-B mentioned in paragraph 4 of this Scheme; (d) "Act" means the Income-tax Act, 1961 (43 of 1961); (e) "Deposit Office" means any branch or branch office of the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or of a subsidiary bank as defined in the State Bank of India (subsidiary Banks) Act, 1959 (38 of 1959), or, of a corresponding new bank under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), authorised by the central government, by notification in the Official Gazette, to receive deposit and maintain account of the depositor, under this Scheme; (f) "depositor" means an assessee who is eligible to make a deposit under section 54, 54B, 54D, 54F or 54G of this Act: (g) all other words and expressions used herein but not defined and defined in the Act shall have the meanings respectively assigned to them in the Act. (h) "Form" means a form appended to this scheme. 3....
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....ph (1), the deposit office shall open an account or accounts in the name of the depositor as opted by him under sub-paragraph (2). (4) The payment of amount of deposit shall be made by the depositor either in cash or by crossed cheque or by draft alongwith the application. (5) Every subsequent deposit shall be made into the deposit office at which the account stands in the same manner as stipulated in sub- paragraph (4). (6) If the deposit is made by a cheque or a draft then, subject to such cheque or draft being realised, the effective date of deposit for the purpose of claiming exemption under the Act will be the date on which the cheque or draft is received by the deposit office alongwith the application under sub-paragraph (1) or sub- paragraph (5), as the case may be. (7) The interest on the amount of deposit shall accrue and will be calculated subject to the provisions of paragraph 8, with effect from the date of deposit in cash or the date of realisation of the proceeds of the cheque or the draft tendered the depositor. (8) In the case of deposit under Account-A, the deposit office shall issue a passbook to the depositor wherein all amounts of deposits, withdr....
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....rued in Account-B shall be calculated at normal rate as specified by the Reserve Bank of India in pursuance of paragraph 8 in respect of a deposit in Account B. (6) On receipt of an application under sub-paragraph (2), the deposit office shall calculate the amount of interest, if any, accrued in Account-B till the date on which actual transfer of amount to Account-A is made, subject to the provisions of paragraph 8 and close Account-B after transferring the total amount standing to the credit in Account-B to Account-A : Provided that where in such case of transfer the depositor does not have a deposit in Account-A, an Account-A shall be opened in the name of the depositor and the amount standing to his credit in Account-B shall then be transferred to Account-A as so opened. (7) A depositor if he so desires, may apply in Form B together with his Passbook, for opening an Account-B in his name, by way of transfer of the whole or any part of the amount standing to his credit in Account-A, under the same section of the Act under which his Account-A has been opened. (8) After the conversion of Account-B to Account- A or vice-versa in the manner specified above, the inte....
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....ication under sub-paragraph (1) the deposit office shall, subject to the provisions of sub-paragraph (3), permit the withdrawal and enter the amount withdrawn in the Passbook. (3) At the time of any withdrawal from Account-A other than the initial withdrawal. the depositor shall furnish in Form D in duplicate the details regarding the manner and extent of utilisation of the amount of immediately preceding withdrawal. The deposit office will retain one copy of Form D and return the other copy to the depositor after duly authenticating it. (4) Where the amount of withdrawal referred to in sub-paragraph (2) exceeds rupees twenty five thousand, the deposit office shall make payment to the depositor, subject to the fulfillment of the conditions prescribed in sub-paragraph (3), by way of crossed demand draft drawn in favour of the person to whom the depositor intends to make the payment. (5) A depositor intending to make withdrawal from his deposit in Account-B, shall first apply in the manner prescribed in sub-paragraph (2) of paragraph 7 for transfer of the Amount standing to his credit in Account-B to Account-A and may withdraw the requisite amount in the same manner and subj....
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.... of an account opened on behalf of a minor or Hindu Undivided Family or a firm or a company or an Association of person or a Body of individuals. (3) A nomination made by a depositor may be cancelled or varied by a fresh nomination in Form F or as near there to as possible, by giving notice in writing to the deposit office in which the account stands. (4) Every nomination and every cancellation or variation thereof shall be registered in the deposit office and shall be effective from the date of such registration, the particulars of which in the case of a deposit in Account-A shall be entered in the Passbook and in the case of a deposit in Account-B shall be entered in the Deposit receipt, issued by the deposit office. (5) If the nominee is a minor, the depositor may appoint any person to receive the amount due under the account in the event of the death of the depositor during the minority of the nominee. (6) Where the nomination is in favour of more than one person, the nominee first named shall alone have the right to receive the amount standing to the credit in the account of the deceased depositor. (7) Where the nominee first named has pre-deceased the depositor....
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....here there are more than one legal heir of the deceased depositor, the legal heir making the claim individually may do so by producing the letter of disclaimer or letter of authorisation from other legal heirs in his favour: Provided further that before granting the approval for closure of the account under this sub-paragraph, the Assessing Officer shall obtain from the legal heir a succession certificate issued under Part V of Indian Succession Act. 1925, or a probate of the will of the deceased depositor, if any or letter of administration to the estate of the deceased in case there is no will in order to verify the claim of such legal heir to the account of the deceased depositor. (4) The depositor or the nominee or the legal heir, in order to obtain payment of the amount standing to the credit in the account shall while applying in Form G or Form H, also submit the Passbook of Account-A or Deposit receipt of account-B, as the case may be, to the deposit office. (5) The payment made by the deposit office to the depositor or the nominee or the legal heir in accordance with the provisions of this paragraph shall constitute a full discharge to the deposit office of i....
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....p; Form..................to.............. month..................... 6. Assessment year in respect of which deposit is to be made : 7. (a) Whether deposit is to be made under ACCOUNT-A or ACCOUNT-B or under ACCOUNT-A & ACCOUNT-B :- (b) In case the deposit is to be made under ACCOUNT-A & ACCOUNT-B - (i) Amount to be deposited under ACCOUNT-A : Rs. (in figures) Rs. (in words) (ii) Amount to be deposited under ACCOUNT-B :  ....
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....CCOUNT-B are to be opened) must be mentioned under the respective columns. 3. ** Nomination Form E must be submitted along with this application in case of individual depositor intending to make nomination otherwise the applicant should delete the portion under Column 2 of the form whichever is not applicable. 4. Column 3 is for deposits made on behalf of a minor. 5. If spice provided under the columns is not sufficient to furnish any detail the same may be furnished by way of using separate enclosure and making reference of the same in respective column. FORM-B [See sub-paragraphs (2), (3) & (7) of paragraph 7] ................................................................ (Name of the Deposit Office) Serial No.................. APPLICATION FOR CONVERSION OF ACCOUNTS UNDER THE CAPITAL GAINS ACCOUNTS SCHEME 1988 To. The Manager .............................................. .............................................. (Name & Address of the Deposit Office) I,.................................................... hereby apply for (Name of the applicant*/depositor*) *2. Transfer of the principal amount of Rs...............................
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.......... ADDITIONAL SPECIMEN .............................................. .............................................. FOR THE USE OF DEPOSIT OFFICE *(1) The deposit in aforesaid Account B, No....................................................... Deposit Receipt No.................................. has been allowed to be withdrawn *before maturity/*on maturity/*after maturity and total sum of principal amount Rs................................... (Rupees in figures) .......................................... (Rupees in words) and sum of Rs................................ (in words) .......................................... (in figures) of interest accrued in said Account-B, No..................................................has been transferred on. to Account-A (date) No.............................Pass Book No ...............................which is already maintained/*which has been opened on...............(date) in the name of the aforesaid depositor..........................*and the (Name of the depositor) Pass Book No ........................... of the newly opened Account-A No..................................... has been delivered on (date)...................
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....................... (iii).............................................. (iv).............................................. (v).............................................. (vi).............................................. (vii).............................................. 3. I request you to pay the above amount of withdrawal in the following manner: (i) Amount of Rs......................................(Rupees in figures) ...................................... (in words) may be paid in cash for the purposes mentioned at serial No............. of column 2 hereinabove; (ii) Amount of Rs ...........................(in figures) (Rupees..................................) (in words) ...................................may be paid to (Name & address, of the party to whom payment is to be made) by way of Pay Order Demand Draft for the purposes mentioned at Serial No............................... of column 2 hereinabove, 4. The application is made by me as guardian on behalf of aforesaid depositor......................................(Name of the depositor) who is a minor. 5. The application is made by me as authorised officer of the aforesaid depositor *fi....
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....AND EXTENT OF UTILISATION OF THE AMOUNT WITHDRAWN FROM ACCOUNT UNDER THE CAPITAL GAINS ACCOUNTS SCHEME. 1988 To The Manager, .............................................. .............................................. .............................................. (Name & Address of the Deposit Office I, ...................................................... Name of the applicant/depositor s/o............................................. residing at (Address)................................................. am furnishing in terms of sub-paragraph (3) of paragraph 9, the requisite details regarding the manner and extent of utilisation of the amount of Rs...................................(in figures) Rupees........................(in words) withdrawn by me on....................................(date) out of the balance to the credit in *ACCOUNT-A No..................................... (Pass Book No) ................................. Maintained with your office in *my name/*in the name of the aforesaid.......................................... mention the name.................................................& address of the depositor 2. Manner/purpose for....
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....osure and referring the same under the respective column. FORM 'E' [See sub-paragraph (1) of paragraph Il] (To be submitted only in case of individual depositor) ....................................................................... (Name of the Deposit Office) Serial No. ..................... FORM OF NOMINATION UNDER THE CAPITAL GAINS ACCOUNTS SCHEME, 1988 To The Manager .............................................. .............................................. .............................................. (Name & address of the Deposit Office) I .............................. (name of the depositor) son of............................ residing at............................ (address) hereby nominate the person(s) mentioned below to whom, to the exclusion of all other persons, in the event of my death, the amount standing to my credit in ACCOUNT-A No......................... PASS BOOK NO.................................. /ACCOUNT-B No............................... DEPOSIT RECEIPT NO............................................ Under the CAPITAL GAINS ACCOUNTS SCHEME, 1988, would be payable. S. No. Name(s) of the Nom....
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....column 2 hereunder 2. Details of Account/Accounts : (1) ACCOUNT-A No. Nomination made on......................... in favor of...................................... (2) ACCOUNT-B No. Nomination made on................................. in favour of..................................... 3. *In the place of the cancelled nomination referred to under column 2 hereinabove, I hereby nominate the person(s) mentioned to below, to the exclusion of all other person, in the event of my death, the amount to my credit in the account/accounts mentioned under column 2 hereinabove be payable. S. No Name of the nominee(s) relationship Full Adress(es) Date of Birth of nominee in case of minor 1. 2. 3. 4. As the nominee(s) at serial No. (s).....................................stated above is/are minor(s), I appoint Shri/Smt./Kumari....................................................(Name & full Address) as the person to receive the sum due under the said account(s) in the event of my death during the minority of the nominee(s) Signature of witness................................. Name and Address.................................... Date : Place : Si....
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.................................... 5. The application is made by me as authorised officer of the aforesaid depositor, the *firm..........................................*company, association of persons ..............................body of individuals.................................... 6. The application is made by me as Karta of the aforesaid depositor......................................., a Hindu undivided family. Signature/Thumb Impression of the Depositor/Guardian/Karta/Authorised Officer of the Depositor Date : Additional Specimen Place : APPROVED [Signature (with date) and stamp of Assessing Officer having jurisdiction] FOR THE USE OF DEPOSIT OFFICE (Details of *Account/*Accounts closed and total amount paid may be recorded) 1..................................................................................... 2..................................................................................... 3..................................................................................... 4..................................................................................... 5..............................................................