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About capital gain

This query is : Resolved 
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(Querist)
19 July 2013 sir
last yr i sold a agriculture land and capital gain deposited in capital gain scheme and in this year i withdraw the amount and uitilised this amount in construction of residential house
what this amount will be tax or can i claim deduction u/s 54f by uitilising this amount
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
19 July 2013
The Amount withdrawal should be utilized only for the purpose mentioned under section 54B only i.e. purchase of Agricultural Land, otherwise it should be treated as Income as per section 54B which reads as under

if the amount deposited is not utilised wholly or partly for the purchase of the new asset within the period specified in sub-section (1), then,—
i)the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of two years from the date of the transfer of the original asset expires; and
ii)the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
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