Please Help: Withdrawal of Exemption u/s 54F

Posted Date : 30-Mar-2012 , 01:24:24 pm | Posted By Mohit Goyal

An assessee had deposited his net consideration in Capital Gain Account Scheme.
After 1 year, he withdraw the money from the account and utilise it for the purpose other than purchase of property.

Surely, he will have to pay tax on the amount of Withdrawal.
My Question is in which year, the amount will be taxable in which year?
Whether it will be in the year in which the asset was sold or the year in which the amount is withdrawan from the bank.

Please Suggest

Category : Income Tax | Answers : 4 | Comments : 1 | Hits : 257

Answers

Answer By: CA VIPIN GARG

Dear Mohit, Tax will be payable in the year in which he withdraw the amount from the bank and utilise the same for other purposes.

Hope you got the answer you were looking for, have a nice day dear.............

Answer By: CA Satuti Mahajan

The amount is taxable in the year in which the amount is withdrawn and utilised for some other purpose.

Answer By: Rambabu Senkarasetti

Amt is taxable when it is withdrawn.

Answer By: Rambabu Senkarasetti

Amt is taxable when it is withdrawn.