CAPITAL GAINS DEPOSIT SCHEME

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2009 I HAVE DEPSOITED RS.10 LACS IN CAPTIAL GAINS DEPOSIT SCHEME TO AVOID TAX ON LONG TERM CAPITAL GAIN ON SALE OF MY FLAT. HOWEVER, I SHALL BE UNABLE TO PURCHASE A NEW PROPERTY AND HENCE WISH TO WITHDRAW THE AMOUNT FROM CAPITAL GAIN DEPOSIT SCHEME AND CONVERT INTO FIXED DEPOSIT. SHALL I HAVE TO PAY TAX @ 20% OR 30%. AT PRESENT I AM ON 30% SLAB

CA.M Chowdary

CA.M Chowdary (Expert)
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13 November 2009 the amount deposited in the capital gain deposit scheme should be utilised for the purchase or construction of the house property within the stipulated time. if it is not utilised u have to pay tax @ individual rates. since u are in 30% slab u have to pay 30%