How are unused 2023 capital gains taxed?

I sold unlisted shares on 1 December 2023 with long-term capital gains, deposited the amount in a CGAS account by 31 July 2024 to claim exemption (section 54F). I don't plan to use it to buy or construct a house by 1 December 2025.

- Parizad Sirwalla

LTCG tax is now cut from 20% to 12.5%. 1) Which LTCG rate will apply—FY24 or FY26? Is the 15% surcharge cap on unlisted shares applicable under new rules? How long will it take to get AO nod to withdraw from CGAS, and what's the process?

—Name withheld on request

1) Under income-tax rules, LTCG from a capital asset is taxed in the year of transfer. Section 54F allows exemption if the sale proceeds (from an asset other than a house) are reinvested in a single residential property in India within specific timelines: a) Purchase of a new asset: within one year before or two years after the date of transfer of the original asset; b) Construction new asset: Within 3 years from date of transfer of the original asset.