A person has sold a plot in 2013 for 15L and purchased a flat in 2015, within time of 2 years. The cost of purchase is 17L. He has raised housing loan of 5L.
Out of sale proceeds he has utilised 12L only. Balance he has utilised from housing loan.
The balance of 3L is in the CG deposit.
How the amount is treated if he wants to withdraw in 2021.
Menu
Capital gain deposit
Replies (2)
Quick Summary
If amount from Capital gain account scheme is withdrawn and not used for the said purpose of buying house property exemption of 300,000 is reversed and is now taxable
Agree with Kiruthika Ji, But have 3 year limit.
Recent Topics :
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
Related Topics :
CAclubindia
