Capital gain
This query is : Resolved
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
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
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.
money not invested as per the conditions of section 54F wont be allowed as deduction.
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.
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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