Ritesh Jain (CA, CS in Job) (675 Points)
17 March 2011A person has made a capital gain on transfer of LTCA and qualifies for deduction under 54EC (i.e in certain bond) and 54F (in other house property).
Time limit for investment in bond= 6 months from D.O.T
Time limit for investment in capital gain account u/s 54F =is within filing of return
My question is that can the amount of considertaion be kept in saving a/c or FD for the period between D.O.T and 6 month(54ec) or return filing(54F)??
what will be tax treatment of interest income.
Devendra
(Chartered Accountant)
(4775 Points)
Replied 17 March 2011
Yes. You can keep it in your Savings Account till the Date of Investment. The interest earned will be taxable under the head Income from Other Sources.
Regards,
Devendra K
CA. Santosh Prajapati
(Practice)
(97 Points)
Replied 18 March 2011
Yes, Agree with devendra
Interest incone will get taxable under IFOS.
harshit jain
(training)
(21 Points)
Replied 18 March 2011
yes, you can save amt. in F.D. OR ANY SAVING A/C. BUT EARN INTEREST IS TEXABL IN OTHER SOURCES INCOME
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