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Regarding capital gain deposit account and 54F

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25 October 2023 I have below queries w.r.t capital gain deposit account scheme.

Sale Price of Plot: Rs. 25 Lakhs
Purchase price after indexation: Rs. 10 Lakhs
Capital gain: Rs. 15 Lakhs
Amount to be deposited in capital gain account: Rs. 25 Lakhs.

In the above case, if I am not able to purchase the house within 2 years or construct the house within 3 years. i.e. the total amount left in the capital gain deposit account is complete 25 lakhs after 3 years.

1. Is AO's signature mandatory for closing the capital gain account in this case?
2. Will the applicable tax needs to be paid while closing the capital gain deposit account?(or) while filing Income tax for the year in which the capital gain account is closed?
3. Since the complete sale consideration is deposited in capital gain deposit account under 54F and the complete amount is unused even after 3 years, where/How can I declare the amount to be subjected to taxation in ITR?

Please help with information on this.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
16 January 2024 https://incometaxindia.gov.in/tutorials/16.%20exemption%20under%2054.pdf
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