Dear CCI members,
Greeting to you.
Can anybody help me regarding this issue.
Consideration on transfer of capital asset has been deposited in an Account under a scheme since three years.
Now I want to withdrew the amount from the account. Is the amount taxable under income tax or exempt under tax.
Pl clarify me regarding this query
Thanking in advance.
Any amount unutilized under CG deposit account would be taxable in the year in which time limit (to make new investment) expires. Hence, whatever withdrawn would be taxable.
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Subrahmanyam & Sivudu CA Firm
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