Please Help: Withdrawal of Exemption u/s 54F
Posted Date : 30-Mar-2012 , 01:24:24 pm | Posted By: Mohit Goyal
Category :
Income Tax | Answers :
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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 |
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Answers:
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 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.............
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| Answer by: CA Satuti Mahajan |
| The amount is taxable in the year in which the amount is withdrawn and utilised for some other purpose.
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| Answer by: Rambabu Senkarasetti |
| Amt is taxable when it is withdrawn.
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| Answer by: Rambabu Senkarasetti |
| Amt is taxable when it is withdrawn.
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| Comments |
| Posted By : Amit |
30-Mar-2012, 10:03:35 |
| when amount is withdrawn |
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