Exemption u/s 54

This query is : Open

kunal (Querist)
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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 ?

CA DHEERAJ

CA DHEERAJ (Expert)
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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