Withdrawal of amount from capital gain account scheme, 1988

yes it will be taxable as long term capital gain in the a.y.12-13

You can not claim exemption u/s 54F if amount has not been used for the required purpose.

This will be taxable only after the expiry of time limit of 2 year ( in case of purchase of house) or 3 years (in case of construction of house) from the date on which actual transfer took place.

Mr.Sunny I want to ask u a question that if it is taxable after 3 years then thats the aim of the govt. imposing the rule of deposition.Like u have said nobody will follow the deposition rule.

Miss Neha govt will provide exemption only if whole is spent on construction or purchase of house. Since in case of construction no one need whole money lumsum so that govt has introduced this scehme same ways while purchasing house is a big decision no one purchase house immediately.

If this is so then y govt. has specifically mentioned the deposition.I know its a big decision and the assesse can carry the fund with him then y deposition is reqd.

if assessee will carry that amount in his hand than how govt know how much exemption should be provided 

exactly what i am trying to say that if the govt. is not clear about the exemption then the withdrawn money not utilised will be taxable.

i dont understand wat u are trying to say

Mr. Raman is right. 

Its simple...use the deposited money else get taxed.

In your case, taxable in the AY 2012-13.

Gr8...all Agarwals answered...

The Amount withdrawn from the Capital Gains Account Scheme 1998 and which was claimed as an exemption under section 54F in A/Y 11-12 will be taxable as Long Term Capital Gains in the year of such withdrawl

Originally posted by : SUNNY AGGARWAL
	You can not claim exemption u/s 54F if amount has not been used for the required purpose. This will be taxable only after the expiry of time limit of 2 year ( in case of purchase of house) or 3 years (in case of construction of house) from the date on which actual transfer took place.

Totally right rule....adn also agree with raman

 

amount withdrawn must be invested within 6 months or expiry of 2/3 years whichever is earlier otherwise taxable

Thanks for the suggestions. Colleagues are requested to give the precised reply to my query i.e. the consequences if the amount withdrawn from CGAS 1988 is not utilised in the year of withdrawn nor deposited within 60 days of such withdrawl in CGAS Account, 1988.

Please reply in which Assessment Year the amount shall be taxable which has been claimed as exemption U/s 54F of Income Tax Act, 1961