Regarding capital gains tax
This query is : Resolved
Sachin Jain
(Querist)
18 January 2016
I have a query regarding Capital Gains Tax.
I have sold property in July 2015. Now I want to deposit the Amount in Capital Gains Tax Account Scheme in Nationalized Bank. Because I am looking for a flat for myself (not finalized yet).
I know that In case, if I fails to utilize the deposit amount within 3 years of sale of property, then I have to pay Capital Gain Tax at the time of expiry of said period.
Now my query is that Will there be any penalty/interest imposed on such Tax amount (if I failed to utilize the amount)?
I have sold property in July 2015. Now I want to deposit the Amount in Capital Gains Tax Account Scheme in Nationalized Bank. Because I am looking for a flat for myself (not finalized yet).
I know that In case, if I fails to utilize the deposit amount within 3 years of sale of property, then I have to pay Capital Gain Tax at the time of expiry of said period.
Now my query is that Will there be any penalty/interest imposed on such Tax amount (if I failed to utilize the amount)?
CA R SEETHARAMAN
(Expert)
18 January 2016
No penalty and interest imposed on such tax amount.
18 January 2016
If you did not pay advance tax in the year in which you offer the unutilized amount as income, interest u/s 234B and 234C will attract.
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