30 March 2017
what if amount of capital gain used for other purposes and before filing income tax return such amount(Capital Gain) deposited in capital gain deposit account...
30 March 2017
Once you deposit capital gain in CGAS, then you cannot withdrew such amount for any other purpose other than purchase of property.
For withdrawal prior approval will be required from AO, if you want to withdrew money for any other purpose.
If money is withdrawn for any other purpose then exemption allowed earlier will be taxable and you will have to pay tax accordingly
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