I sold an asset in the June'22 and moved the capital gains to a capital gain account in June 2023. Since I am unable to utilize the funds, I am planning to prematurely close the capital gain account next month ( August 2024). As per section 54F, the unutilized amount in the capital gain account will be treated as LTCG income in the year in which it is closed. Effective July 23rd 2024, LTCG is 12.5% . Now, when I withdraw the unutilized money from capital gain account, should I have to pay based on the old rate of 20% or the new rate of 12.5%.
Thank you.
CAclubindia
