Capital gain deposit scheme
This query is : Resolved
JITENDER KUMAR
(Querist)
02 June 2016
Dear Expert, Good Evening
I have one query which is - My client have transfer a long term residential house and deposit amount in capital gain account scheme and taken exemption under section 54. After three years he have withdraw the amount and not utilize for the stipulated purpose. My query is capital gain taxable as long term capital gain or short term.
I have one query which is - My client have transfer a long term residential house and deposit amount in capital gain account scheme and taken exemption under section 54. After three years he have withdraw the amount and not utilize for the stipulated purpose. My query is capital gain taxable as long term capital gain or short term.
Rupesh Jain
(Expert)
02 June 2016
its long term capital gain deposit by you, now you have to pay the tax.
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