I sold a piece of land for Rs. 13,00,000/- on 06-12-2010 i.e. in A.Y. 2011-12 and deposited the Net Sale consideration U/s 54F of I.T. Act, 1961 in CGA Schem, 1988 with Nationalised Bank before the due date of filing of Income tax Return for A.Y. 2011-12 and claimed the exemption under section 54F in A.Y. 2011-12.
In A.Y. 2012-13 I withdrew the amount from CGAS 1988 A/c but nothing could be utilised to purchase/construction of Residential house during the A.Y. 2012-13 nor redeposited the amount in CGAS A/c 1988 within 60 days of such withdrawal as required by I.Tax Rules, 1962.
My querry is whether exemption U/s 54F can be availed even if such withdrawn amount is not utilised for the purpose specified in the Income tax Act, 1961 during A.Y. 2013-14 nor redeposited to the Bank within 60 days from the date of such withdrawal for the purpose specified.
Whether the unutilised amount shall be chargeable to tax in A.Y. 2012-13 and if not, when it will be chargeable to tax ?
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