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withdrawn if deposit amount from capital gain scheme in sec 54f
I have claimed ex u/s 54 f in ay 2017_18. And deposit in capital gain scheme. But now my client is not interested in purchase new h. P. And want to withdraw wholly amount . Plz suggest me about tax provision. Plz ans me fast.
Replies (3)
You will have to obtain permission from your Jurisdictional ITO for withdrawal of the amount. The same will be taxable in the year of withdrawal under CG......
Can be revise return in alternate for ay 2017-18
even if you revise the return, the money in the Capital Gains account can be withdrawn only after the approval from ITO. So better leave the earlier return as it is and seek the ITO approval for withdrawal.
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