Capital gain

Is there any tax liability on withdrawal amount from Capital Gain Scheme Fund ?
Replies (1)
No tax liability until unless you use that amount for the purpose for which you have taken exemption in previous year return under section 54

for eg . if property was sold and amount received was deposited in capital gain account so that it could be used for construction or purchase of new residential house within specified time and later if such amount is withdrawn within specefied time from same account for construction or purchase of another residential house then no tax liability

Hence you don't have to pay tax if you have withdrawn for the purpose for which you have taken exemption in previous return under section 54
provided that you withdraw within specified time

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