A person has sold a plot in 2013 for 15L and purchased a flat in 2015, within time of 2 years. The cost of purchase is 17L. He has raised housing loan of 5L.
Out of sale proceeds he has utilised 12L only. Balance he has utilised from housing loan.
The balance of 3L is in the CG deposit.
How the amount is treated if he wants to withdraw in 2021.
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Capital gain deposit
Replies (2)
If amount from Capital gain account scheme is withdrawn and not used for the said purpose of buying house property exemption of 300,000 is reversed and is now taxable
Agree with Kiruthika Ji, But have 3 year limit.
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