Urgent

 

agriculture land 10(37)

 sir, 

  1.   sale of agricultural land situed in rural area . the sale consideration received in different previous years.

   2 .The lumpsum amount  32,0000 so received is deposited in capital gain account scheme account to avoid TDS.

   3. The interest amount is utilised for maintenance of his parents.

   4.He has not file the returun previously, 

   5. what is the treamout if the capital gain is exempt u/c 10 (37) ,the sale proceeds deposited in capital gain account scheme last week  when withdrawn. 

  6. please answer me as early AS Possible if the amount is withdrawn and not withdrawn ,interest part

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please go to the following link and solve this problem its urgent..

Replies (1)

Two types of deposits : deposit A (saving) and deposit B (term deposit)

Deposit A and B carries interest rate as specified by RBI.

Application in form C for first withdrawal from account deposit A and subsequent withdrawal form D, which should be utilized by the depositor within 60 days from the date of withdrawal for section 54.

Assessing officer approval required to close the account.

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