Cgas investment amout - principal + interest
This query is : Resolved
11 July 2015
I deposited 20L in CGAS in 2013. Now after 2 yrs interest the Amount after compounded growth is nearly 24L.
This year I plan to reinvest the CGAS amount back in property.
1. Do I have to invest 20L or 24L?
2. Can I save tax on the 4 lacs compounded interest (growth) at all?
Thanks,
Kapil
This year I plan to reinvest the CGAS amount back in property.
1. Do I have to invest 20L or 24L?
2. Can I save tax on the 4 lacs compounded interest (growth) at all?
Thanks,
Kapil
11 July 2015
Since there is no specific exemption from tax for the Interest Received from CGAS, it would be taxable in your hands as 'Income from other sources'.
On the other hand, since you are to pay tax on the interest portion, you will have to spend Rs. 20Lacs (initial investment)only for the new property.
On the other hand, since you are to pay tax on the interest portion, you will have to spend Rs. 20Lacs (initial investment)only for the new property.
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