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Do we need to pay interest on long term capital gains?- Property Hotline
Posted
October 27, 2016
Views
28
October 27, 2016
28
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6:03Now PlayingExpert: Suresh Surana - Founder, RSM Astute Consulting
Question: My wife sold 2 properties- One in Pune and the other in Lucknow. The Pune property was sold in October 2015 and the Lucknow property was sold in December 2015. I earned capital gains worth Rs 50 lakhs from the sale of Pune property and capital gains worth Rs 1.64 crore from the sale of Lucknow property. We were planning to buy a property in Mumbai but didn't find a suitable house. We decided to keep the money in 2 separate capital gains account. We deposited the money before 31st July 2016 (19th July). If I want to pay long-term capital gains tax on both the houses at the rate of 20%, do I have to pay penalty or interest as per the rate? Can I buy the house payment by paying from for it from capital gains account? Do I need clearance from the I-T Department?
Answer: Prior approval of the jurisdictional Administrative Office (AO) is to be obtained before closure of such account. The AO may press for payment of capital gains tax before providing his approval. Interest income accrued/ received on such deposit shall be taxable as 'income from other source'.
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