Long term capital gain amount not reinvested
This query is : Resolved
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 ?
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.
16 July 2023
Is there any way to save the tax now considering the assessee is senior citizen?
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.
Even for SS, there is no special concession in the liability over LTCG.
16 July 2023
And if he pays the capital gain tax then he is eligible to withdraw the amount from capital gain account
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.
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