Capital gain
This query is : Resolved
15 August 2020
Dear Sir
I incurred long term capital gain by sale of property last week. I have deposited this amount in my existing saving account. Does any interest earned on this amount of capital gain will be treated as part of the capital gain or it will be treated as part of income from other sources for ITR filing purpose. Thanks
I incurred long term capital gain by sale of property last week. I have deposited this amount in my existing saving account. Does any interest earned on this amount of capital gain will be treated as part of the capital gain or it will be treated as part of income from other sources for ITR filing purpose. Thanks
15 August 2020
Taxable as interest income under the head Income from other sources
Also deduction is available for savings bank interest upto Rs 10000 u/s 80TTA & upto Rs 50000 u/s 80TTB (for sr citizens)
17 August 2020
Dear Sir,
Thank you very much for your response. I am confused with the answer as another CA in my circle mentioned that interest earned on capital gain deposited in the normal saving account shall also be treated as part of the Capital Gain. Just for reference, can you share income tax section under which this is mentioned. Thanks a lot. Kind Regards
Thank you very much for your response. I am confused with the answer as another CA in my circle mentioned that interest earned on capital gain deposited in the normal saving account shall also be treated as part of the Capital Gain. Just for reference, can you share income tax section under which this is mentioned. Thanks a lot. Kind Regards
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