Capital gain on residential property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2014 How to treat premature withdrawal from capital gain account scheme (Account type B) (F.D) i.e how will be the tax computed? The lock in period is 3 years but the party wants to withdraw and use it for personal use

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 January 2014 withdrawal from capital gains account scheme is not permitted for personal use. the only use permitted are for purchase or construction of house property and the banker needs to verify the purpose before allowing the withdrawal.

wherein you withdraw and don't utilize the funds for the permitted purposes, tax exemption is withdrawn taxed as capital gains in the year of withdrawal.

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