INTEREST ON CAPITAL GAIN ACCOUNT SCHEME
This query is : Resolved
04 March 2011
DEAR SIR
INTEREST RECEIVED ON CAPITAL GAIN ACCOUNT SCHEME IS ALSO USED FOR THE PURCHASE OF NEW PROPERTY WHETHER SUCH INTEREST IS EXEMPTED. PLEASE GIVE ME AN ANSWER
INTEREST RECEIVED ON CAPITAL GAIN ACCOUNT SCHEME IS ALSO USED FOR THE PURCHASE OF NEW PROPERTY WHETHER SUCH INTEREST IS EXEMPTED. PLEASE GIVE ME AN ANSWER
04 March 2011
The Capital Gains Accounts Scheme, 1988 has been framed by the Central Government by virtue of powers conferred by Sec. 54(2), Sec. 54B(2), Sec. 54D(2), Sec.54F(4) and Sec. 54G(2) of the Income Tax Act,1961. Exemption under those sections are restricted to either the capital gains portion deposited out of the sale consideration or the net sale consideration deposited out of the gross sale consideration depending on the nature of the capital asset sold out by an assessee. Therefore,interest accumulation of the said deposit is ineligible for deduction under either of the above said sections.
Further, the said interest is fully taxable under the head'income from other sources'.
Further, the said interest is fully taxable under the head'income from other sources'.
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