capital gain exemption

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s.thirunavukkarasu (Querist)
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21 October 2010 To claim exemption whether it is necessary/mandatory to deposit amount in
capital gains account scheme and then to buy a house or can we buy house directly from a s.b. account where sale consideration is deposited?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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21 October 2010 YOu can pay it directly also.

However if in the intervening period the due date of return falls i. e. suppose u sell ur house in February 2010 and purchase the new house by october 2010 then u have to compusorily deposit amount in capital gains a/c scheme to claim exemption by July 2010.

If purchased within July 2010 (assumed assessee not liable for tax audit) then no need to deposit in that account.