28 July 2022
The assessee has depoisted an amount of in Capital Gain account he has purchased a plot and the amount of paid out of Capital gain account, now he has completed the construction from his own funds and has not withdrawn the funds from capital gain account for construction
My Query is do we have to mention the amount utilized from Capital gain Account in coming years for construction of house in Income Tax Return. Was there any extention for time for Utilization of Funds from Capital Gain Account due to Covid
28 July 2022
No question of declaring its utilization in ITR, but you need to withdraw it from the CGAS account only. There is no extension of time period from 3 years.
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