28 March 2014
assessee has capital gain of 35 lakhs and deposited 48 lacs i.e. considerartion received on sale of asset by mistake in capital gain account now he has purchased a house of 40 lacs. So can he withdraw excess 8 lacs without paying tax from capital gain account?. the exemption is claimed under section 54 which state investment in property needs to be equal to capital gain and not consideration received. Kindly advice. URGENT
28 March 2014
but there is no tax applicable on excess amount if u withdraw as there is no "income " as per sec 2(24)of income tax...its just the capital amount is withdrwan.
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