TaxTMI 
TaxTMI 
TaxTMI 
Capital Gain Accounts Scheme 1988
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.... 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. Deposits how to be made - A deposit or deposits may be made under the provisions of section 54 or section 54B or section ....
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....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, withdrawals, together with interest due, shall be entered over the signature of the authorised officer of the deposit office. (9) In the case of deposit under Account-B, dep....
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....n 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 interest in newly opened account or accounts, as the case may be, shall accrue with effect from the date of opening of such account or accounts. 8. Interest - (1) Interest at such rate as may be specified by ....
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....t-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 subject to the same conditions as stipulated in sub- paragraphs (1) and (3) after the amount standing to the credit in his Account-B has been or credited to his Account-A by the deposit office. (6) In case the application under sub....
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....ar 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 and the depositor has not cancelled the nomination or substituted the nomination, the nominee second named shall be entitled to receive the amount standing to the credit in the account of the deceased depositor and so on in respect of other successive nominees....
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....re 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 its liability in respect of the deposit. (6) Nothing contained in this paragraph or in paragraph 1 shall affect the right or claim which any person may have against the person to whom any payment is made under this paragraph. FORM-A (See sub-paragraph (1) of paragraph 5) (To be submitte....
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.... 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 : Rs. (in figures) &nb....
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.... 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.......................................... (in figures) ...................................(Rupees in words) together with the amount of interest accrued in Account-B No................................... (Deposit Receipt No.) maintained with your office in *my name/*the name of.....................................................(Name & Address of the depositor) (a) *To Account-A, No..........................Pass Book No................................... main....
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....gures) .......................................... (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)..........................to the above mentioned *applicant/depositor. *(2) A new Account-B No........................... Deposit Receipt No......................... for sum of Rs.............................. (Rupees in figures) .................................... (in words) has been opened on...................... for a period of................. days/month/year/s in the name of (date) aforesaid depositor.................................... (Name of the depositor) and the sum of Rs...........
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....s 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 *firm........................./................................*company/Association or persons/Body of individuals. 6. The application is made by me as Karta of the aforesaid depositor.................................. Hindu undivided family. Date : Place : SIGNATURE/THUMB IMPRESSION OF THE DEPOSITOR/*THE GUARDIAN/*KARTA/ *AUTHORISED OFFICER OF THE DEPOSITOR .............................................. ADDITIONAL SPECIMEN .............................................. .............................................. FOR ....
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....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 which amount withdrawn mentioned hereinabove has been utilised: Purpose Amount Rs. Party to whom payment has been made Voucher No. Receipt No. (With date) 3. I hereby declare and confirm that the amount withdrawn, which is mentioned hereinabove has been utilised *partly and the balance of Rs...........................Was re-deposited on ........................ to the credit of aforesaid account/*wholly, for the purpose mentioned hereinabove under column 2. 4. This de....
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......... 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 Nominee(s) Relationship Full Address(es) Date of birth of Nominee in case of minor 1. 2. 3. *As the nominee(s) at Serial No.(s)..................................... specified 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 & Address : Date : Signature/Thumb Impression of the Depositor PAN & DIST./WARD/CIRCLE/RANGE where assessed Date..................... Place................. Signature of witness............
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.......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 : Signature/Thumb Impression of the Depositor Pan & Dist./Ward/Circle/Range where Assessed FOR THE USE OF DEPOSIT OFFICE The nomination referred to under column 2 hereinabove has been cancelled* and fresh nomination as per column 3 hereinabove has been registered on ......................................and accordingly entry has been made in the Pass Book for Account-A No.................................Deposit receipt No..........................................for Account-B No.................................referred to under the column 2 hereinabove. OFFICER-IN-CHARGE Date : *Note : * Delete whatever is not applicable. If space provided under the columns hereinabove is not sufficient to furnish the requisite details, the same may be done by way of using separate enclosure and referring the same u....
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....................................................................... 3..................................................................................... 4..................................................................................... 5..................................................................................... 6..................................................................................... Date : Officer-in-Charge Notes : 1. * Delete whatever is not applicable. 2. Columns 4, 5, 6 pertain to deposit made on behalf of a minor, firm, company, association of persons, body of individuals, a Hindu undivided family. Hence in case of individual depositor these columns may be scored out. In other case, only one respective column may be retained and the remaining two may be scored out. FORM-H [See sub-paragraphs (2) and (3) of paragraph 13] (To be submitted by the Nominee/Legal heir of the deceased depositor) ................................................................................. (Name of the Deposit Office) Serial No................................. APPLICATION FOR CLOSING THE ACCOUNT UNDER THE CAPITAL GAINS ACCOUNTS SCHEME, 1988, BY THE NOMI....