Amount of capital gain not utilised in construction of house is taxable after expiry of 3 years: ITAT

INCOME TAX : Where amount of long term capital gain (LTCG) from sale of residential property was not utilised in construction of residential house till expiry of period of 3 years from date of transfer and assessee offered said LTCG to tax after expiry of 3 years from date of transfer, Assessing Officer was to be directed to grant exemption of said LTCG for assessment year 2013-14 and to charge said LTCG to tax in assessment year 2016-17

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