Capital gains
This query is : Resolved
17 October 2015
During the F Y 2013-14 relevant to A Y 2014-15 a residential flat was sold and resultant gain was shown under Long Term Capital Gain. This gain was deposited in Capital Gains Account Scheme with IDBI Bank before due date of filing of return of income. Now if residential property is not bought within 2 years what will be tax implications ?
Also can the amount deposited under capital gains account scheme can be used for any other purpose other thab buying house ?
Also can the amount deposited under capital gains account scheme can be used for any other purpose other thab buying house ?
17 October 2015
After paying the capital gains tax in the year of withdrawal it can be utilized for other purpose.
17 October 2015
But then the Return of Income for A Y 14-15 needs to be revised by paying capital gains tax or tax can be paid in F y 15-16 relevant to A Y 16-17 ?
17 October 2015
Tax can be paid in FY 15-16 and included in AY 16-17 return. No need to revise earlier year return.
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