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.
CAclubindia
