If the amount deposited is not utilised fully for purchase or construction of new asset within the stipulated period, then the amount not utilised will be treated as capital gain of the year, in which the period of three years from the date of sale of the original house expires.
Hence even if withdrawn amount is not redeposited or not used for specified purpose,it is chargeable to tax in the year in which the period of three years from the date of sale of the original house expires.
Hence it is taxable in 2012-13 financial year
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