Capital Gains Account (first amendment) scheme, 2012 -
Amendment in paragraphs 1, 2, 3, 4, 10, 13 and Forms A, C & G
Notification No. 44/2012 [F.No. 142/21/2012-SO (TPL)], Dated 25-10-2012
In exercise of the powers conferred by sub-section (2) of
section 54, sub-section (2) of section 54B, sub-section (2) of section
54D, sub-section (4) of section 54F, sub-section (2) of section 54G and
sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961)
the Central Government hereby makes the following Scheme to amend the
Capital Gains Account Scheme, 1988. namely:-
1. (1) This Scheme may be called the Capital Gains Accounts (First Amendment) Scheme, 2012.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Capital Gains Accounts Scheme, 1988
(hereinafter referred to as the said Scheme), in the opening paragraph,
for the words, brackets, figure and letter "and sub-section (2) of
section 54G", the words, brackets, figures and letters, "sub-section (2)
of section 54G and sub-section (2) of section 54GB" shall be
substituted.
3. In sub-paragraph (3) of paragraph 1 of the said
Scheme, for the word, figure and letter "or 54G", the word, figures and
letters, "54G or 54GB" shall be substituted.
4. In clause (f) of paragraph 2 of the said
Scheme, for the word, figures and letter "or 54G", the figure, letter
and words, "54G or an eligible company as referred to in section 54GB"
shall be substituted.
5. In paragraph 3 of the said Scheme, after the
words, figures and letter "or section 54G", the words, figures and
letters "or section 54GB" shall be inserted.
6. In sub-paragraph (4) of paragraph 4 of the said
Scheme, after the words "the depositor", the words, figures and letters
"or the eligible assessee as referred to in section 54GB" shall be
inserted.
7. In sub-paragraph (1) of paragraph 10 of the said
Scheme, after the word, figures and letter "section 54G", the words,
brackets, figures and letter "or sub-section (2) of section 54GB" shall
be inserted.
8. In paragraph 13 of the said Scheme,—
(a) in sub-paragraph (1), after the words "If
a depositor", the words, figures and letter, "other than an eligible
company as referred to in section 54GB" shall be inserted;
(b) after sub-paragraph (1), the following sub-paragraph shall be inserted, namely:-
"(1A) If a depositor, being an eligible company, referred to in section 54GB, desires to close its account, then, -
(i) it shall make a joint application signed by the eligible assessee referred to in section 54GB;
(ii) the application shall be made with the
approval of the Assessing Officer having jurisdiction over the eligible
assessee referred to in section 54GB; and
(iii) such application shall be made in Form G to the deposit office or as near thereto as possible,
and the deposit office shall pay the amount of balance
including interest accrued, to the credit in the account of the
depositor by means of crediting such amount to any bank account of the
depositor."
9. In Form A to the said Scheme.
(a) for the figures, letter and words "*54G
of the Act", the figures, letters and words "*54G/*54GB of the Act"
shall be substituted.
(b) after item 7, the words, figures, letters
and brackets "** Signature/Thumb impression of the eligible assessee as
referred to in section 54GB of the Act [applicable in case of section
54GB only]", shall be inserted.
10. In Form C to the said Scheme, in item 2, after
the word, figures and letter "section 54G", the word, figures and letter
"/* section 54GB" shall be inserted.
11. In Form G to the said Scheme, -
(a) after item 6, the words, figures, letters
and brackets " ** Signature/Thumb impression of the eligible assessee
as referred to in section 54GB of the Act [applicable in case of section
54GB only]", shall be inserted.
(b) in the notes, after item 2, the following item shall be inserted, namely.-
"3. ** In case the account to
be closed pertains to an eligible company as referred to in section
54GB, the form shall also be signed by the eligible assessee referred to
in the said section."
