18 August 2013
i am selling a residential house and deposited in bank under capital gain scheme a/c, to buy a another within stipulated period. If i get interest from the deposited amount will it becomes income to me? and whether i have to pay tax for it?
18 August 2013
Yes interest on the account opened for capital gains is taxable in the year in which the bank has credited the same to your account and you have to pay the tax accordingly.
18 August 2013
thank u sir, can we deduct advance amount(rent) which will be settled when the house is sold. ie from the sale consideration? ie . expenses on transfer?
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