Investment in capital gains scheme account

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Vinay Bedre (Querist)
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07 March 2013
My client wants to sale a agriculture land wants to invest the Long term capital gains till the new agricultural land is purchased. By what time he should invest in Capital Gains Scheme Account to avoid interest u/s 234.

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
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08 March 2013 Dear vinay as per sec. 54B of the income tax act you have to invest the amount of capital gain in the purchase of another agriculture land with 2 year from the date of transfer and if you dont purchase agriculture land on and before the due date of filing return of income you have to invest the same in capital gain scheme opened with a scheduled bank.