Exemption u/s 54
This query is : Open
03 January 2014
total capital gain = 1crore
unutilised amount = 70 lakhs
please tell is it mandatory to deposit the above unutilized amount in CGA scheme for exemption??
if unutilized amount is kept n saving bank a/c, can we claim exemption ?
unutilised amount = 70 lakhs
please tell is it mandatory to deposit the above unutilized amount in CGA scheme for exemption??
if unutilized amount is kept n saving bank a/c, can we claim exemption ?
CA DHEERAJ
(Expert)
03 January 2014
yes you must have deposit such unutilized amount in CGDS Account within the 6 months or within due date of filling of return or before the filling of return
if you deposit such amount in saving you can't exemption and you will liable to pay tax on your capital gain
if you deposit such amount in saving you can't exemption and you will liable to pay tax on your capital gain
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