If amount deposited u/s 54 of the income tax act, 1961 is withdrawn for purposes other than for investment in new redential house property before the completion of 3 years, then when should the amount of capital gains be taxed , in the year of withdrawal or after the completion of 3 years?
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exemption u/s 54
Replies (3)
The amount which is deposited for claining the deduction will be taxable in the year in which it is withdrawn.and wheter it is LTCG or STCG will depends over the exemtion u claimed if u claimed exemtion for LT then the taxable amt of withdrawl ll be lt or vice-versa.
I agree with Nishant.....................
agree
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