Help me with long term capital gain tax

I had sold my property in Sep 2018, and had capital gain (after indexation) of 2 cr. Within 6 month I had invested 50L in NH bond under 54EC. For the rest I had planned to park remaining 1.5 cr in capital Bank account.

I have a few questions

1) Due to certain change of circumstance, I am unsure of buying any property. So in case if I decide to pay tax on 1.5 cr, do I have to pay interest on advance tax too? I didn't pay any advance tax since I was planning to buy property. 

2) if I park my 1.5 cr in capital bank account, and fail to buy the house, what kind of tax I will be liable to pay? will I be subject to any interest on the tax or only the tax?

3) How complicated is this procedure of withdrawal if I don't invest in property? As per the bank, I need approval from the IT department which appears to be a tricky procedure. 

Replies (1)

1. Yes.

2. Only on tax liability (after 3 years) at the time of withdrawal, provided advance tax liability paid at the time of withdrawal.

 3. Yes, little bit cumbersome to get permission to close the account.

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