MY CLIENT HAS SALE PROPERY IN FY 16-17 AND CLAIM EXEMPTION U/S 54 OF RS.4,38,584 BY DEPOSITING AMOUNT IN CAPITAL GAIN SCHEME. NOW 3 YEARS EXPIRED AND MY CLIENT COULD NOT UTILISE SUCH MONEY IN PURCHASE OR CONSTRUCT OF NEW PROPERTY. NOW HE IS GOING TO WITHDRAW SUCH AMOUNT BUT BANK NEED NOC FROM AO. AO ASKED TO PAY 20% TAX ON GAIN. SUCH WITHDRAWAL SHALL TAKE PLACE IN FY 22-23.
MY QUESTION IS THAT: 1. FOR WHICH YEAR MY CLIENT HAVE TO PAY TAX?? 2. AFTER SUCH HOW TO SHOW SUCH INCOME IN RETURN OF INCOME?? (DUE TO INDEXATION VARIATION)
CAclubindia
