Capital Gains Accounts scheme
This query is : Resolved
20 June 2011
Mr X invests Rs 20 lacs in capital gains accounts scheme. What would be the rate of interest on such scheme? can the interest portion be withdrawn on the monthly basis n utilised for personal purpose?Is interest taxable on cgas?
20 June 2011
Interest rate varies from time to time as fixed by the RBI. Interest is taxable under the Income tax Act,1961. Interest alone can't be withdrawn from time to time with a view to use for personal purposes since every withdrawal is to be used for building construction. After the building construction is over, the balance lying in the account can be withdrawn on filing form G with the bank with the approval of the Income tax Officer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
