Long term capital gain amount not reinvested

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Akash (Querist)
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15 July 2023 If an assessee has sold a plot which was held by him for more than 20 years and deposited the capital gain amount in Capital gain account scheme. Also failed to reinvest the capital gain amount into new property. What should be the implication ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 July 2023 After three years, the tax liability will arise, as earlier. Without which he will not be allowed to withdraw the amount from CGAS, 1988 acc.

Akash

Akash (Querist)
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16 July 2023 Is there any way to save the tax now considering the assessee is senior citizen?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 No other option, but to invest it in house property.
Even for SS, there is no special concession in the liability over LTCG.

Akash

Akash (Querist)
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16 July 2023 And if he pays the capital gain tax then he is eligible to withdraw the amount from capital gain account

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 To close the account, you will need the approval of the Income Tax Officer under whose jurisdiction you come by filing form F.