Hello Sir/Madam,
We bought REC bonds after selling a piece of land 10 months back. Now we wish to withdraw that money for buying a house. What will be the tax implications of such a move?
Thanks!
Nidhi Agarwal (Student MBA) (34 Points)
18 August 2015Hello Sir/Madam,
We bought REC bonds after selling a piece of land 10 months back. Now we wish to withdraw that money for buying a house. What will be the tax implications of such a move?
Thanks!
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 18 August 2015
If u convert into money within 3 yrs, the exemption availed earlier for capital gain will be taken back and such gain will be taxable now.
Nidhi Agarwal
(Student MBA)
(34 Points)
Replied 18 August 2015
Originally posted by : Poornima Madhava | ||
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If u convert into money within 3 yrs, the exemption availed earlier for capital gain will be taken back and such gain will be taxable now. | ![]() |
This means irrespective of the "purpose of withdrawal" I will have to pay tax in case of early withdrawal?
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 18 August 2015
Yeah bcoz for this investment, u would already have claimed exemption.
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