CAPITLA GAIN SCHEME WITHDRAWAL
This query is : Resolved
13 April 2022
RESPECTED SIR,
MY CLIENT HAS SALE PROPERY IN FY 16-17 AND CLAIM EXEMPTION U/S 54 OF RS.4,38,584 BY DEPOSITING AMOUNT IN CAPITAL GAIN SCHEME. NOW 3 YEARS EXPIRED AND MY CLIENT COULD NOT UTILISE SUCH MONEY IN PURCHASE OR CONSTRUCT OF NEW PROPERTY.
NOW HE IS GOING TO WITHDRAW SUCH AMOUNT BUT BANK NEED NOC FROM AO. AO ASKED TO PAY 20% TAX ON GAIN. SUCH WITHDRAWAL SHALL TAKE PLACE IN FY 22-23.
MY QUESTION IS THAT:
1. FOR WHICH YEAR MY CLIENT HAVE TO PAY TAX??
2. AFTER SUCH HOW TO SHOW SUCH INCOME IN RETURN OF INCOME?? (DUE TO INDEXATION VARIATION)
KINDLY PROVIDE ME ANSWER AS SOON AS POSSIBLE.
MY CLIENT HAS SALE PROPERY IN FY 16-17 AND CLAIM EXEMPTION U/S 54 OF RS.4,38,584 BY DEPOSITING AMOUNT IN CAPITAL GAIN SCHEME. NOW 3 YEARS EXPIRED AND MY CLIENT COULD NOT UTILISE SUCH MONEY IN PURCHASE OR CONSTRUCT OF NEW PROPERTY.
NOW HE IS GOING TO WITHDRAW SUCH AMOUNT BUT BANK NEED NOC FROM AO. AO ASKED TO PAY 20% TAX ON GAIN. SUCH WITHDRAWAL SHALL TAKE PLACE IN FY 22-23.
MY QUESTION IS THAT:
1. FOR WHICH YEAR MY CLIENT HAVE TO PAY TAX??
2. AFTER SUCH HOW TO SHOW SUCH INCOME IN RETURN OF INCOME?? (DUE TO INDEXATION VARIATION)
KINDLY PROVIDE ME ANSWER AS SOON AS POSSIBLE.
13 April 2022
1 Pay tax for FY 2022-23 the year of withdrawal.
2 No updating index required. Earlier calculation of capital gains remain the same.
2 No updating index required. Earlier calculation of capital gains remain the same.
14 April 2022
Income to be shown in FY 2022-23 and tax to be paid accordingly.
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