Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 "Regarding requirement to deposit in CGDS a/c within return filing date for availing Capital Gain Exemption"

What will happen if the amount deposited in CGDS remains unutilized and the period of 3 year expired??????

Does after 3 year it will be free to utilize anywhere and escape tax liablity??????

Pls explain with details!!!

Guest

Guest (Expert)

23 June 2013 If it is utilized for 3 years,

the amount not so utilized shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires.

And after payment of appropriate tax, the amount can be withdraw