capital Gains tax

[Bharat Vij]

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.

AI Summary

Capital Gains Tax Implications: What Happens If You Don't Reinvest Sale Proceeds in a New House Within Three Years? An individual sold a commercial property in February 2015, realizing 10 lakhs, with a long-term capital gain of 4 lakhs after indexation. They deposited the entire sale consideration in a capital gain account to claim tax exemption. They inquire about tax liability if they do not invest the 10 lakhs in a new house within three years and seek guidance on withdrawing funds from the capital gain account, including any required forms or approvals. The response suggests consulting an income tax expert for detailed advice.