capital Gains tax

[Guest]

On sale of commercial property in feb 15, I realised ₹ 10 lacs. On this long term capital gain after indexation was, say 4 lacs. I deposited sale consideration of 10 lacs in capital gain account and claimed exemption of LTCG tax in my return. Now, if I do not invest 10 lacs in purchase or construction of house within 3 years of sale of comml property, on what amount and at what rate, am I liable to pay tax? Further, how can I withdraw amount lying in my capital gain account from bank? Any prescribed form for seepkin ITO approval? Please guide.

[DR.MARIAPPAN GOVINDARAJAN]

You may approach an expert in Income Tax so as to clear all your doubts in all aspects.

AI Summary

Capital gains reinvestment requirement triggers tax liability if gains are not timely invested and requires withdrawal procedure. Taxpayer sold commercial property, deposited sale proceeds in a capital gains account and claimed long-term capital gains exemption based on reinvestment. Core questions: if the deposited amount is not invested in purchase or construction within the three-year period, what amount and at what rate will be taxable; and what is the procedure, forms or ITO approvals required to withdraw funds from the capital gains account. The reply advised seeking an income-tax expert for clarification.