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Capital gain account scheme
Please Help...I earned LTCG on December 2012...A.Y.2013/14.Deposited full consideration under Capital gain account scheme before 31 st July 2013,filed return and claimed exemption u/s.54.Now I want to close the account and pay the income tax @ 20% +surcharge.Please advise me...do I have to pay interest U/s.234B and 234C. for A.Y.2013/14 along with tax payable and file revised return,or I have option to show capital gain for current year????.Bank wants to pay tax and obtain permission from assessing ITO.
Replies (2)
if you withdraw money now then it will be taxable in current year, i.e., AY 15-16.... yes prov. of 234b and c will be applicable hence pay your ltcg tax in advance for this year to avoid applicability of these sections.
Thank you sir,but ITO wants me to revised the return for A.Y.2013/14 and pay taxes alongwith interest U/s 234b and c,please guide me,as without ITO's permission,bank is not allowing me to withdraw money.....
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