07 May 2012
Sir I have deposited Rs 30 lakhs being capital gain on sale of immovable property in Capital gain exemption Scheme( Fixed deposit). Now I have a doubt , if the interest earned on the FD at the time of Closure of the sheme is taxable at the time of Closure as income of the year in which I am realising the interest or whether I can offer the accumulated interest on accrual basis in my IT computaion in respective assessment years and whereby Can I eligible to reduce the Income tax laibility.kindly give your advice and offer your comments RGDS
09 May 2012
Thank u sir Kindly explain how the difference in interest received in TDS certificate and in income taxreturn in view of the fact that the TDS certificate will be for the intire period and around Rs 10Lkhs, ie Rs 3Lakhs for Three years and TDS will be Rs 1 Lakhs (10% of Rs 10 Lakhs)
09 May 2012
On FD bank is crediting interest amount on 31 st March of every year and will deduct tax on that amount. Ask the bank to issue the TDS certificate for the respective year and take credit for same in respective years for which return will be submitted.
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