Funds stored in long term capital gain account
ashim mandal
(Querist) 27 July 2012
This query is : Open
Sir,
I want to open a capital gain account with a bank so that i can purchase a property in next 2 years. I would like to know the taxation rules if the whole amount or part amount is utilized. I sold a property on Dec 2011 and planning to open the capital gain account this month.
I would specifically like to know if the tax on un-utlized amount would be for AY 2012-13 and tax will be based on original amount plus interests with a penulty or not. You earliest reply would help me in filing IT return. Thanking you in advance.
