A is 61 years old and sold a Residential Property to X for Rs 45 lakshs. Capital Gains arising from the same being 10.5 Lakhs. A deposited 11 Lakhs to CApital Gains account scheme in the same year of sale.
B, the son of A purchased the land in the next year of sale for 12 Lakhs. A utilized 4.5 Lakhs from the Capital Gains Account Scheme and gave it to B in support of Purchase of the land.
Can the amount in Capital Gains Account scheme be utilized to purchase Son's property? If not how is the taxability of the amount so withdrawn?