My wife sold flat in the year 2006 and capital gain was invested in Central Bank of India in CAPITAL GAIN fixed account for lock in period of three years. Due to some health problem(cervical cancer) my wife was expired in Jan 2009.when I approach bank for repayment of this Fixed deposit to me, bank asked clearance from Income Tax dept. for payment of this dues to me. As person is deceased then that person does not have any liability towards Income Tax with Govt. this matter is already pending with Commissioner and they don't have any order for releasing such amount. Please help me to get back my amount in this matter. Thanks.
1 Answers
If a person is deceased, income tax return has to be filed on her behalf by her legal heir. As the capital gain amount was not used for three years and was kept in capital gain accounts scheme, there will be a liability of income tax on that gain.
Please contact assessing officer in this case, pay income tax on gain amount and then they will provide clearance to release amount from capital gain account.
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