18 January 2016
I have a query regarding Capital Gains Tax. I have sold property in July 2015. Now I want to deposit the Amount in Capital Gains Tax Account Scheme in Nationalized Bank. Because I am looking for a flat for myself (not finalized yet). I know that In case, if I fails to utilize the deposit amount within 3 years of sale of property, then I have to pay Capital Gain Tax at the time of expiry of said period. Now my query is that Will there be any penalty/interest imposed on such Tax amount (if I failed to utilize the amount)?
18 January 2016
If you did not pay advance tax in the year in which you offer the unutilized amount as income, interest u/s 234B and 234C will attract.
CAclubindia
