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Capital gain

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This query is : Resolved

Pranav Peddi (Querist)

25 May 2014 sir deduction is claimed u/s 54F for investing in a plot for construction of residential house.
query is
1. Can we withdraw the amount from that CGAS for buying of a new residential property.
2. What are the TAX implications if we withdraw the amount from CGAS

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 May 2014 you can either invest in the plot or the residential house. bank wont allow withdrawal for both the objectives.

money not invested as per the conditions of section 54F wont be allowed as deduction.

Rupesh Jain

Rupesh Jain (Expert)

26 May 2014 you can withdraw the money for purchase of property form capital gain a/c.

if your invest the money in stipulated time then nothing will taxable in your hand. otherwise . you have to pay gain on balance amount you not invest.

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