suppose my capital gain is rs.18 lacs lying in deposit account which i have not used in 3 years and now it is lying in that account from last 5 years. so for the 2 years how much tax and interest and penalty i need to pay to free that money from that account. Plz suggest me interest according to 234 ABC if applicable.
no penalty interest solely for the reasons raised.
the amount deposited in the CG scheme shall not utilized with in the stipulated time period for the said purpose then the proportionate amount shall be treated as long term capital gain of the previous year in which the period of 3 years from the date of transfer of the original asset expires.
In such the assessee shall be entitled to withdrawn the utilized amount in accordance with the scheme.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
