Withdrawal of amount from capital gain account scheme, 1988

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Hence even if withdrawn amount is not redeposited or not used for specified purpose,it is chargeable to tax in the year in which the period of three years from the date of sale of the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

sir

can you explain the procedure to withdraw money from capital gain account. is there any permission required from income tax officer to withdraw the money?

Dear Sir,

Pl advise -

1.If I deposit the capital gain amount in a capital gain account of a bank,what is the time limit after which I can widhraw the amount in whole or partial so that this capital gain does not attract any tax?

Srivastava