(3)For the purposes of sub-section (1), the amount, if any, already utilized by the company for the purchase of the new asset together with the amount deposited under sub-section (2) shall be deemed to be the cost of the new asset:Provided that if the amount so deposited is not utilized, wholly or partly, for the purchase of the new asset within the period specified in sub-section (1), then, -(i)the amount by which -(a)the amount of capital gain arising from the transfer of the residential property not charged under section 45 on the basis of the cost of the new asset as provided in sub-section (1), exceeds -(b)the amount that would not have been so charged had the amount actually utilized for the purchase of the new asset within the period specified in sub-section (1) been the cost of the new asset,shall be charged under section 45 as income of the assessee for the previous year in which the period of one year from the date of the subscription in equity shares by die assessee expires; and(ii)the company shall be entitled to withdraw such amount in accordance with the scheme.
