Hi,
Suppose some money was deposited in capital gains account schemes in ay2020-21. Later after period of 2 years i.e ay2022-23 say money is withdrawn then what is tax implications.transfer of asset is long-term with transfer date in ay2020-2021
1- tax at normal rate i.e 20% or
2- tax at normal rate+ 1% interest for 2years.
Please help.
I agree that but say I am trying to use for 54F now any unutilized amount can be withdrawn after account closing and paying taxes correct.
For that event I wanted to understand which case of above 2 is applicable.
Ans. Option 1.
Thanks for both replies.
You are welcome ..
CAclubindia
