Tax on long term capital gain and interest payments

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Assessee is an NRI for the relevant A.Y2011-12. The Long term capital gain was Rs.3242591 during AY2011-12 and tax thereon at 20%is Rs.660790 ( including cess of 3%) which arose due to sale of property on 6.3.2011. The Asseessee initially deposited Rs.32.43lacs in a fixed deposit account with Nationalised Bank. But he has not used it for any investments till Mar2014 and now he wants to pay the LTCG Tax. He filed the ITR2 for AY2011-12 on 30.3.2013, claiming to avail the exemption under 54F, and filed a NIL Tax return.(did not pay any interest while filing Original return on 30.3.2013) Now he wants to revise the return and pay the Tax together with the Interest amounts under 234A, B and C since he has not availed the Exemptions which he originally wanted to avail.

Query: What is his Total Tax Liability under Capital Gains Tax,and Interest liability under 234A, 234B and 234C. Pl note he already filed a NIL return in Mar 2013(with delay) and now want to comply by filing Revised Return and offer to pay the Tax due also.
Pl give your valuable advise and calculations.

Nikhil Kaushik

Nikhil Kaushik (Expert)

15 March 2014 you deposited the amounts in capital gains account or a general FD. if it was a general FD, then you were not eligible for exemption in the first place, the computation can be done on the basis as provided in 234A,B,C clearly. so that much you should be able to do on your own.

if the same was in a capital gains account scheme, then no need to revise return, the same shall be taxable in the current year without any penalty.

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