In order to claim exemption u/s 54 the amount of capital gain is to be invested in purchase/construction of new house within 1 year before or 2 year later/ 3 years respectively.
However until the said amount is utilised it should be deposited in a Deposit Account in accordance with Capital gains Account Scheme,1988.
The amount so deposited not utilised shall be treated as capital gain in the PY in which the period of 3 years expires.\
Please explain, How the unutilised amount is chargeable to tax, whether the bank deduct the tax from the said deposit or it informs the AO.
My question is how deptt will come to know that the said amount is unutilised and period of 3 years had expired.
If the assessee doesnot disclose the same in return by mistake, then what will happen. Please guide.
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