An assessee sold a property during the A.Y. 2013-14 for Rs. 2,25,00,000/- and invested an amount of Rs. 50,00,000/- for purchasing bonds to claim an exemption U/s 54EC. Also the assessee deposited an amount of Rs. 1,75,00,000/- in Capital Gain Account Scheme,1988 (CGAS) thereby resulting into a Capital Gain of Rs. NIL for A.Y. 2013-14.
Now, during A.Y. 2014-15 the assessee withdrew Rs. 13858272/- from the CGAS account and purchased a flat accordingly. The assessee does not intend to utilize the remaining amount of Rs. 3641728/- in purchasing the flat or construction of the house. When should the tax liability arise whether in A.Y. 2014-15 or in A.Y. 2016-17 and on what amount shall the tax liability be computed?
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