27 November 2009
i have earned a LTCG on sale of a house property, a part of which i had deposited in cap gain accounts scheme for a year & half framed u/s 54. Now i would like to withdraw the amt but not utilise the same for purchase of a new house. Will i be charged interest on the above from the date of deposit upto now along with the tax amount. Please advise...
27 November 2009
Yes u are liable to tax on withdrawal of the LTCG deposited to the extent of amount withdrawn in the year in which it is withdrawn There is no interest factor.
CAclubindia
