Interest u/s 234b if amt of capital gain account scheme not utilized

property sold in April 2020 and CG deposited in capital gain scheme account but not utilized till 3 years. long term capital gain will be taxable in 2023-24.

But from when interest u/s 234b will be applicable ??
from 2020 or from 2023 ??

assessee is liable to pay advance tax
Replies (3)
Quick Summary
This discussion clarifies when interest under Section 234B of the Income Tax Act is applicable for unutilised capital gains deposited in a Capital Gains Account Scheme. The consensus is that interest is generally payable from the date of completion of three years from the original property sale, which is when the capital gains become taxable. However, there's a mention that some tax calculators might compute interest from the original sale date.

From the date of completion of THREE years of the original property sold. (i.e. 2023)

But someone told me that income tax calculator of dept calculates interest from year of original sale.. I.e 2020 in this case

You pay the capital gain liability with the interest calculated after 3 years from the date of sale of original asset,and apply for closure of CGAS 1988 account on prescribed form to your Jurisdictional ITO; he will accept it.

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