Menu
54F withdrawal for other than specified purpose
We have claimed exemption under 54F during A.Y. 2017-18. The amount deposited in CGAS is withdrawn after 2years but not for the specified purpose . what will be the tax effect
Replies (2)
Quick Summary
As per the proviso placed below the said Section,
The difference between the Amount of Capital gain that arises by the transfer and the amount that would have been exempted had if it would be utilized for the said purpose, would be taxable in the previous year in which the period of three years expires from the date of transfer of original asset
The whole of the LTCG deduction under 54F you obtained earlier will stand withdrawn and it will be taxed as LTCG in the year in which CGAS money withdrawn .
Recent Topics :
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
Related Topics :
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
