The assessee after selling a residential house, deposited Rs. 75 Lacs in capital gain a/c scheme before due date of filing the return. Within the specified period the assessee invested Rs. 75 Lacs in purchase of residential house after withdrawing Rs. 50 Lasc out of Capital Gain A/c and balance 25 Lacs by raising loans from the banks.
The assessee wihdrew Rs. 25 Lacs from Capital Gain A/c for personal use.
Whether said Rs. 25 Lacs withdrawn from CG a/c is taxable as capital gain even though the assessee has invested Rs. 75 lacs thereby complying the provisions of Section 54?
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