Q. > Please Help: Query: Capital Gain

193 views • Question added Jan 30, 2013 • Income Tax • By CA. GAGAN KHARBANDA , CA

Query: Capital Gain An individual assessee sold out long term property and earned long term capital gain amounting to Rs. 50 Lacs at the end of Aug 2012. In Sep 2012 he deposited all capital gain of Rs. 50 lacs in Capital Gain account in Scheduled Bank. In Jan 2013 he purchased DDA flat amounting to Rs. 25 lacs by withdrawing from capital gain account. Now the assessee wants • To withdrawn full amount standing in capital gain account while return to be filled by July 2013. • Whether amount withdrawn from capital gain account can be utilized by renovation work on newly purchased DDA flat and whether IT law will allow it for computation of capital gain exemption purpose. • Assessee wants to deposit full tax on capital gain on above transaction and want to back deposit made in capital gain account mistakenly. • As there was not requirement to deposit capital gain in capital gain account in Sep 2012 then whether he can withdrawn full amount by do close account before Mar 2013. Please suggest Point wise Your valuable advise