interest on unutilised LTCG
This query is : Resolved
SHAILESH SANGANI
(Querist)
27 November 2009
i have earned a LTCG on sale of a house property, a part of which i had deposited in cap gain accounts scheme for a year & half framed u/s 54.
Now i would like to withdraw the amt but not utilise the same for purchase of a new house.
Will i be charged interest on the above from the date of deposit upto now along with the tax amount.
Please advise...
Now i would like to withdraw the amt but not utilise the same for purchase of a new house.
Will i be charged interest on the above from the date of deposit upto now along with the tax amount.
Please advise...
M Prabhakar Menon
(Expert)
27 November 2009
Yes u are liable to tax on withdrawal of the LTCG deposited to the extent of amount withdrawn in the year in which it is withdrawn There is no interest factor.
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