| Question And Answer | |
|---|---|
| Subject: | 54F |
| Category: | Income-Tax |
| Querist: | BKS |
| Answered by: | Law Intern |
| Tags: | Capital Gains, Capital Gains Account Scheme (CGAS), CGAS |
| Date: | September 11, 2025 |
Amt deposited in capital gains remained unused for more than 10 years .
What happens to unused amount ?
How to get the same back ?
If the amount was not utilized within the specified period (2 or 3 years), the tax exemption is considered revoked, and you should have paid LTCG tax in the year the period expired. If this was not done, you may need to file a revised ITR for the relevant year (if within the permissible time limit under Section 139(5)). The applicable tax & interest will have to be paid.
The interest on the bank account also ought to have been offered to tax.
The bank will permit withdrawal of the amount after obtaining a NOC from the AO.
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