Income tax on ltcga

This query is : Resolved

R K ARORA (Querist)
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29 November 2017 Mr.X Sold (1.12.2014) a residential plot Rs 30lakh.cost of acquisition with indexationRs. 573465. Deposited in August 2015 Rs 30 lakh in LTCGA. House could not be purchased/constructed. Suffered loss of Rs 40000 on account of deduction of EMD by a Govt. housing board. Please Guide: tax liability, withdrawal from the account and closure of LTCGA.
with regards.
R.K.Arora

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 November 2017 Pay 20% tax on capital gains and withdraw the money.

R K ARORA

R K ARORA (Querist)
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30 November 2017 Thanks Sir,please guide for the purpose of challan 280
whether it will be self assessment tax or advance tax?
for the assessment year 2018-19?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 November 2017 It is self assessment tax for AY 2018-19.

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R K ARORA

R K ARORA (Querist)
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30 November 2017 Mr.x stated above is above 60 years.self assessment tax is payable in 2018-19.Kindly advise whether ltcg amount can be withdrawn without payment of tax,in Dec 2017.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2017 Withdraw and pay tax immediately.

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