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Regarding capital gains tax

This query is : Resolved 
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(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)?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
18 January 2016 No penalty and interest imposed on such tax amount.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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