Tax implications of deposit in cgas

This discussion explores the tax consequences of withdrawing funds deposited into a Capital Gains Account Scheme (CGAS) in AY2020-21, after a two-year period in AY2022-23. The user seeks clarification on whether the withdrawal is taxed at the normal rate (20%) or the normal rate plus 1% interest for the two years. The consensus suggests the withdrawal is taxed at the normal rate, assuming the asset transfer occurred in AY2020-21 and the funds are being withdrawn for the purposes outlined in the scheme, such as Section 54F.