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 | ||
 |
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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