Section 54f

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Rahul Maheshwari (Querist)
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06 March 2012 I have query regarding section 54F,
We have deposited amount under the capital gain scheme and claimed exemption. Subsequently assessee had withdrawn that money after one year and utilised for other purposes. In this case, amount which is misutilised would be taxable in which year?
Second ...Will the entire amount be taxable or only the part which is withdrawn and misutilised is taxable?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 March 2012 Taxed in the year in which the period of 3 years expires from the date of transfer of the original asset.
The second issue becomes infructuous in the of the above observation.

Rahul Maheshwari

Rahul Maheshwari (Querist)
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06 March 2012 could u refer me some case law over this, coz 54F exemption is available if you deposit the amount now if i misutilise the same, exemption already granted should be withdrawn and tax liability of initial year in which asset is sold should be recomputed, please clarify...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 March 2012 I don't have a case law right now. However,my observation was based on proviso to section 54F(4) of the IT Act,1961.

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