What happens to your CGAS money if you don’t buy a house?

I sold a property in March 2024 and deposited ₹57 lakh of capital gains in a Capital Gain Account Scheme (CGAS) in May 2024. Since I will soon be moving abroad, I do not plan to buy a house using the deposited amount. How much tax will I have to pay now? I have been told that the tax rate is 12.5% instead of 20%. Is that correct? (If so, it would mean I pay a lower tax rate on a sale completed well before the new rule came into effect.)

- Parizad Sirwalla

It is assumed that you sold a residential house (‘original asset’) in March 2024 (i.e., in FY 2023-24) and earned long-term capital gains (LTCG). You then deposited the LTCG amount in a Capital Gain Account Scheme (‘CGAS’) in May 2024 and claimed a deduction under section 54 of the Income Tax Act, 1961 (‘the Act’) while filing your tax return for FY 2023-24. However, since you are now relocating overseas, you no longer intend to purchase a house with the deposited amount. According to the provisions of the Act, if the funds deposited in the Capital Gain Account Scheme (CGAS) are not utilised for the purchase or construction