Taxability of Amount withdrawn from Capital Gain Account Scheme before 3 yrs

Ankur (Abc) (25 Points)

23 December 2020  

Dear All Professionals,

I have deposited in CGAS in July 2019 and now I want to withdraw whole of the amount from the said Scheme for medical purpose (i.e. other than specified purpose u/s 54).

First, whether I can withdraw for other than specified purpose before 3 years from the date of deposit?

Second, what is the taxability of this transaction under Capital Gain  (in which year it is taxable?)

Kindly mention relevant Section, CGAS Rule, Circular or case law (if any)