I had withdrawn the entire amount from my capital gain account and paid to a party for purchasing a property. However due to a legal issue, the property registration could not be completed. The party has now paid back the money to me after 90 days since the amount was withdrawn. Will I now have to pay the LTCG immediately in the current year? Thanks.
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Capital gain account - withdrawn amount not utilized within 60 days
Replies (3)
Depends upon the year of selling original property and chances of purchasing another property, one can decide about taxability.
Original asset was sold in May 2022. Capital gain account opened in June 2023. The amount was withdrawn in April 2024 and it has been returned now. Since it is more than 60 days since withdrawal, shall I pay the taxes now from the money returned to me? I am fine to pay the taxes as I dont think I will construct a new house within the available duration.
Yes, advisable.
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