Withdrawal of exemption u/s. 54f
This query is : Resolved
30 March 2012
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?
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
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?
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
30 March 2012
It will be treated as the income of the previous year in which it is withdrawn and shall be taxed accordingly....
30 March 2012
Capital gain will be taxable in the year in which the amount is withdrawn.
However, calculation will be made upto the year in which the asset was transferred, which means Cost Inflation Index of the year of transfer shall be considered and NOT the CII of the year in which the amount is withdrawn.
However, calculation will be made upto the year in which the asset was transferred, which means Cost Inflation Index of the year of transfer shall be considered and NOT the CII of the year in which the amount is withdrawn.
30 March 2012
Thanks a lot Sir
31 March 2012
IT WILL BE TAXABLE FOR THE YEAR IN WHICH IT IS SOLD AND NOT IN THE YEAR OF WITHDRAW OF AMOUNT.
02 April 2012
Agrees with reply of Mr.. CA Rajeev Kumar Agrawal & Sidhharth Bhardwaj.
Dis agrre with Mr. Jaimin Shah.
Dis agrre with Mr. Jaimin Shah.
04 April 2012
But there is nothing mentioned in the income tax act regarding this point clearly...
04 April 2012
Please read proviso to sub-section 4 of Section 54F.
07 April 2012
Proviso to Section 54F explain the case where the amount remain unutilised at the end of the time limit and not the case where the amount is withdrawan from the bank before expiry of the time period.
07 April 2012
Proviso to Section 54F explain the case where the amount remain unutilised at the end of the time limit and not the case where the amount is withdrawan from the bank before expiry of the time period.
20 April 2012
Section not remembered clearly
If an amount is withdrawn for the purpose other than the acquisition or construction of house property then the amount such withdrawn and utilized will be taxable as capital gain....
If an amount is withdrawn for the purpose other than the acquisition or construction of house property then the amount such withdrawn and utilized will be taxable as capital gain....
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