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|Name||Capital Gain Account Scheme 1988|
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Capital Gain Account Scheme 1988
All about CGAS 1988 : Capital Gains Account Scheme was introduced in 1988 by the Central Government. As mentioned above, the time limit available to the depositor for re-investment and avail the exemption, in many cases is longer than the due date to file the return of income. In such cases, the taxpayer is given an option of depositing such underutilised capital gains in ‘Capital Gains Account’ introduced under Capital Gains Account Scheme. Any capital gain invested in Capital Gains Account Scheme will be eligible for capital gain exemption as it would in case of re-investment.
Category of taxpayer with capital gains who is eligible to invest in CGAS from Section 54 to 54F of the Income-tax Act, 1961 “Act”, is provided below:
|Section Number||Capital gains made on||Category of person|
|54||Sale of residential house||Individual or HUF|
|54B||Sale of land used for agricultural purpose||Individual or HUF|
|54D||Compulsory acquisition of land and building||Any taxpayer|
|54E||Sale of any long term capital asset||Any taxpayer|
|54EC||Sale of long term capital asset being land or building or both||Any taxpayer|
|54F||Sale of any long term capital asset not being residential property||Individual or HUF|
|54G||Transfer of asset (machinery, plant or building, land or right in land or building) in case of shifting of industrial undertaking from urban area||Any taxpayer|
|54GA||Transfer of asset/s (machinery, plant or building, land or right in land or building) in case of shifting of industrial undertaking from urban area to Special Economic Zone||Any taxpayer|
|54GB||Transfer of residential property||Any taxpayer|
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