Capital gain bond purchased from another saving account

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2013 Sir,
I was sold land for Rs. 30,00,000 and deposited this amount in my SBI Bank Account. I also have saving account in union bank.
I was purchased REC capital gain bond by issuing cheque of union bank account. Because i also have a balance of Rs. 30,00,000 in Union bank A/c.
My question is :
Is it necessary for me to issue a cheque from SBI to purchased REC bond?
Can I purchase a bond by issuing a cheque from Union bank?

Please suggest me.....

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 August 2013 You seem to be a rich man. You must have an identified source from where the money has been received by you in the UB A/c.
.
Investment of the same fund is not necessary. The requirement is to invest the required amount for getting the exemption. You can claim exemption.
.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 Sir,
I am not a rich man.
I argued same as you say but Income tax officer told me that you have to invest from same fund otherwise you can't claim exemption.
If you have any judgement than please send me.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 August 2013 In my view, the assessee is required to invest amount equivalent to capital gains. It is not necessary that the same funds are used.
.
During the 6 months period,the assessee can use the funds for other purposes also before investing the same in bonds.
.
I am not having any judgement right now, still try to
provide the same also.
.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2013 Thanks Sir.