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

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53 Points Posted on 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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On 07 August 2023 at 21:23 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 07 August 2023

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

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On 07 August 2023 at 21:43
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53 Points Posted on 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
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On 07 August 2023 at 22:21
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SEO Sai Gr. Hosp.
211715 Points Posted on 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.

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On 08 August 2023 at 09:42


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