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

07 August 2023

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

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 07 August 2023

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

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Rajeev Yadav (51 Points)
Replied 07 August 2023

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

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 08 August 2023

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.

2 Like