Hi,
The Capital Gain for one my assessee was Rs. 20 Lakh, however, he has deposited Rs. 35 Lakh (Entire Sale Consideration) in Capital Gain scheme. Now he wants to withdraw the funds as he does not want to buy or construct new property. The Question is whether the assessee would have to pay capital gain Tax on Rs. 20 Lakh( Orginal Capital Gain) or Rs. 35 Lakh( Amount deposited in Capital Gain Scheme) , Please clarify.
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Capital gains scheme expert query - urgent
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Capital gain tax shall be on capital gain amount and not on sales consideration.
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