I sold ancestral property in Feb 2018 & yet I am not able to finalize upon a new property to purchase hence I am depositing the entire capital gain in Capital Gain Account Fixed Deposit Scheme for 1 year in IDBI Bank to save 20% LTCG tax due by 31st July 2018. I have following queries pertaining to the same:
1. My CAGS FD is for 1 year starting from June 2018. How will I get the funds back to my Savings Account after FD maturity in June 2019? IDBI bank has opened a Saving Account for me from which they debited the CAGS amount and credited to CAGS FD for 1 year.
2. Also once the amount comes back to my Savings Account in June 2019, will the LTCG tax of 20% will require to be paid by July 31st 2019 or July 31st 2020?
Please advise kindly.
CAclubindia
