Direct tax ( capital gain )

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sush007 (Querist)
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19 September 2011 Hello,

u/s 54 of capital gain it states that, gain from selling residential property will be exempted if new house bought in stipulated time but is it necessary to kept that gain (money) to the government under that scheme??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 September 2011 If the money relating to the capital gains portion is not utilized to buy or construct a house on or before the due date of filing of the return of income, the said amount has to be deposited in Capital Gains Account scheme,1988 to avail benefit of section 54 of the Income tax Act,1961.

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