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How to open a Capital Gains Account?

You can open a capital gains account in an authorized bank. The Government has notified 28 banks which can open the Capital Gains Account on behalf of the Government. You have to apply for opening the account by filling out the required application form (Form A) and submit proof of address, PAN card and photograph. You cannot withdraw funds from a capital gains account using a cheque book or ATM, like you do in your normal savings bank account. There are procedures to be followed to withdraw funds from the capital gains account.

Investment in Specified Bonds

Section 54EC of Income Act provide that if the seller invests whole or part of capital gains arising from the sale of asset in specified Capital Gains, within a period of six months of the sale, the proportionate capital gains so invested in the long-term specified asset, out of the whole of the capital gain, shall not be charged to tax. The proviso to the said sub-section provides that the investment made in the long-term specified asset during any financial year shall not exceed Rs 50 lacs. There was an ambiguity in the language of the specific provision in Section 54C. As a result, if you made a profit of Rs 1 crore on the sale of your house transferred in December, you could invest Rs 50 lacs in March of that financial year and further Rs 50 lacs in April of the next financial year. However the 2014 Budget presented in the Parliament a few days back has clearly specified that, the maximum deduction which can be availed is Rs 50 lacs in one financial year in which the sale was made and separate deduction cannot be claimed in the subsequent financial year. Therefore the maximum tax benefit you can get under the provisions of the new Budget is Rs 50 lacs.

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