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What form should I file ? I am 76, a retired Private Sector employee for 18 years, non-pensioner; and was not a tax-payer even while working before retirement. Last year I sold a plot which I had bought more than 25 years ago; and there was some Capital gains; which I deposited in a Capital Gains A/c FD in a designated Public Sector Bank. The Bank did not instruct me properly and I filed Form 15 H late; and in the meantime they deducted and remitted TDS which I have to claim as refund. I have no taxable income, including the interest on the Capital Gains FD.

Tags: interest, years, year
Asked by Ravindran Eswaran, 27 May '07 03:52 pm
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Answers (2)


You need not to file any refund just apply in the relevant department and show them TDS certificate given to you by the bank, but you will to prove that you have no taxable income. Or you may get the services of a Charterd accountant for refund
if the money involve is big.
Answered by abdus sattarmerchant, 27 May '07 04:03 pm

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Dear Sri Ravindran Easwaran,
It is not clear from your details whether you invested in specified financial assets like Rural Electrification Bonds the amount of capital gains or merely opened a capital gains a/c with the nationalised bank. In any case the interest is taxable from either of the investments unless you obtain a nondeduction certificate from thejurisdictional officer and hands it over to the bank responsible for deductingtax at source. Or Form 15H should be given. Now you have to file the return showingyour actual interest income below taxable limit and claim therefund.
The refud will be given to you immediately or even credited to your bank account if you give the details of the account. Should there be any difficulty you can approach the public relation officer of the income tax office. There is a time limit of1 year from the assessment year for claiming refund of the relevant assessment year.
So try to file the return immediately and claim it.
thiagarajan P
Answered by PanchanathamIyer Thiagarajan, 27 May '07 04:17 pm

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