10 January 2020
One of my friends has sold a site during FY 2018-19 resulting in a LTCG. Since he could not invest before due date, he has deposited the Net consideration in Capital Gains Deposit Account & has filed the Income tax return for the AY2019-20. Now he feels that he may not be able to invest and ready to pay the LTCG tax during FY 2019-20. The query is: 1. Whether he has pay any interest on the LTCG in addition to the tax if it is included in FY 2019-20 corresponding to AY2020-21? 2. To reduce the interest whether he can calculate the LTCG and pay the same before 31-3-2020? 3. How to withdraw the amount deposited in the Capital Gains Account in the bank? Whether bank will insist on any proof for withdrawing the amount? Thanks & Regards
CAclubindia
