lalit (6) (42 Points)
15 July 2013What would be the consequences if an assessee does not utilised the amount deposite in CGAS u/s 54 within precribes period.The Act said that the amount deposited in the capital gain scheme would be treated as capital gain in the third year .
but i want to know that weather it would be trated as long term capital gain or short term capital gain.
Please give your answer with reference to any case law or any strong basis.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 15 July 2013
Sec 54 exemption only if the gain is LTCG....so here CGAS unutilised amt will be taxed as LTCG because if the amt would not have ben deposited in CGAS...then the gain which earlier exempt would have been taxed as LTCG.
But in case of 54B , the unutilised CGAS can be taxable as STCG or LTCG depending on capital gain against such exemp taken.
lalit
(6)
(42 Points)
Replied 15 July 2013
Please provide some relevant base for your answer such as any case law.
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