Doubt regarding Capital Gains Account Scheme(CGAS)
If a person has taxable LTCG on sale of a plot and opts to deposit in CGAS for availing 54 exemptions (18-19) & later withdrew it for unauthorised purpose in 19-20, LTCG exempted earlier will be taxable in 19-20.
Please clarify whether basic exemption benefit is available against the taxable LTCG in PY 19-20?
Whether permission from ITO obtained for the unauthorized withdrawal?
If yes, he would have allowed the deduction/s before issue of permission.
CAclubindia
