LONGTERM CAPITAL GAINS
This query is : Resolved
C.S.MADHURANATH
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
10 January 2020
1 Interest not payable if advance tax is paid.
2 Yes pay it on or before 15th March.
3 No proof is required.
2 Yes pay it on or before 15th March.
3 No proof is required.
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