Assessee has purchase an urban agriclutred land in 2003-04 FY Year of Rs. 17 lacs and sold the same in 2013-14 fy for rs. 2 crore. Assessee deposit of rs. 181 lcas capital gain account for reinvest of new agriculture land But assessee not reinvest agriculture land its tax paid current financial year, so interest and penalty applicable or not, please suggest.
23 December 2015
In this case the Capital Gains are assessable in the year in which 2 years from the date of transfer are completed. In your case interest and penalty is not applicable provided you have/ will pay advance tax in time.
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