Dear Friends, I have a little doubt in my mind. When we deposit the Capital gain AMount in Investment scheme u/s 54 for claiming exemption, we need to utilise it for purchase of property. SUppose, in next year I withdraw the LTCG amount from the scheme and utilise it somewhere else. Then in that case, the so withdrawn amount shall become LTCG in my hand in that previous year in which money so withdrawn. Now, if I have some LTC Loss also, then can i get set off benefit between these two, i.e LTCG due to withdrawal of money and not utilising it properly, and the Long term capital loss. I hope I am clear, if anything not understood please let me know. 
If possible then please support your answer by case laws.
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A little technical query on LTCG
Replies (2)
As per proviso to Sec 54 if amount deposited in investment scheme is not utilized wholly or partly for construction/purchase of property it will be chargeable to tax as per sec 54.
As per my opinion it will be chargeable as short term capital gain and will be taxed accordingly. Thus it can not be set off against long term capital loss.
Yes u can set off short term capital gain arising on account of withdrawl of exemption with STCL.
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