In continuation with my earlier two queries,need your answer on the last line last answer by you. "If the amount is not utilised by the above said time period of 3 years, amount will be taxable."Sir this tax is capital gains tax or CGAS account tax rate (and at what rate)?

Ans: Yes, if you buy house propery 1 year before transfer of shares and you don't have more than 1 house property, you are eligible for 54F exemption.

Ans: It can be resale property or under construction property but time limit for getting possession will be different so as to make eligible for exemption.

You must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares.

Ans: Unutilised amount of gain is required to be deposited in Capital Gain Account scheme

Ans: Based on your scenario, here's how your capital gains tax will be calculated:

Capital Gains from Equity Mutual Funds:

You mentioned Rs. 6.25 lakh as capital gains from equity mutual funds.
Long-term capital gains (held for over 1 year) on equity mutual funds exceeding Rs. 1 lakh are taxed at 10% without indexation benefit.
Tax Calculation:

Taxable capital gains = Rs. 6.25 lakh (total capital gains) - Rs. 1 lakh (exempt limit) = Rs. 5.25 lakh
Capital Gains Tax:

You'll need to pay tax on Rs. 5.25 lakh at 10% = Rs. 52,500
Overall Tax Liability:

Here's how to determine your overall tax liability for FY 23-24:

Combine your Income Sources: Add your salary income, interest income from FDs, RDs, and savings account to the Rs. 52,500 capital gains tax.
Deductions and Exemptions: You can then factor in any deductions and exemptions you're eligible for under the Old or New tax regime (whichever offers a lower tax liability).
Net Tax Liability: After applying relevant deductions and exemptions, calculate your final taxable income. If the final taxable income falls below the minimum taxable limit, your net tax liability becomes zero.
Key Points:

Capital gains tax is calculated separately from your salary and interest income.
You can choose the tax regime (Old or New) that minimizes your overall tax liability. Explore both options using a tax calculator or consult a tax advisor for a more accurate assessment.
Remember, this is a general overview. Tax rules and exemptions can be subject to change. For a definitive assessment of your tax situation, consider consulting a qualified tax advisor who can consider all your income sources, deductions, and exemptions applicable to your specific circumstances.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: The income tax in India is paid on accrual or receipt basis whichever is earlier. In case of 1 and 2 you rightly pointed out that since they are received you will pay taxes. As far as FD is concerned, the interest is taxed on accrual basis every year on which TDS is deducted. Hence, every year you will need to show the respective interest in your income tax returns and at maturity only differential interest will be paid.

For eg. FD of INR 100 @10% is made for 3 years then year 1 on 10 rs you will be pay tax. In year 2 you will be tax on 11 rs and year 3 you will tax on 12 rs and upon maturity there will be no taxes since entire interest is paid in the respective years.

Hope I am able to articulate this properly.