hai to all
if a person not utilised the amount in capital gain scheme for that particular purpose then he has to pay tax on it.But whether he has to pay interest on tax for the 3 years for unutilisation(from opening to closing date of this account).
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Interest on income tax
Replies (4)
Yes, over interest credited to CGAS acc. ... under 'IFOS'
thankyou for reply sir.but my query is wehther he has to pay interest on the tax amount on capital gains.my question is not on interst gained on capital gain scheme
NO....... the withrawal amount will be taxed under capital gains (in the PY of withdrawal) without any further liability of interest.
agree with Dhiraj sir
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