Interest payable on Long Term CG


I made LTCG of Rs 10L on sale of residential house. I couldn't invest these gains within 6m in CG Bonds & nor am in a position to invest in a new Residential house within 2 yrs of sale. Now I want to file my IT rerun in AY 11-12 & declare thses LTCG of FY 09-10. In such scenario, when filing my IT Return, am i reqd to pay Int on LTCG @1%pm from date of sale of assset? How do I calulate the Interest. Will I get any benefir to file my return after DTC 2010 is notified? Pl advise

asked Aug 01 '11 at 22:12 by Speccy 1111

First, this amount should have been kept in capital gain accounts scheme during this period.

There won't be any extra benefit to file this return after DTC implementation. Rather this delay may even worsen things on amount of tax needs to be paid with interest/penalty.

I am not sure how capital gains of FY 2009-10 will be shown in IT return for FY 10-11. I would advise you to consult an experienced tax professional in property matters.

answered Aug 01 '11 at 22:41 by Pankaj Batra 5.2k320


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Asked: Aug 01 '11 at 22:12

Seen: 1,449 times

Last updated: Aug 01 '11 at 22:41