Capital Gain Exemption (Urgent)

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RICKY

ACA AICWA CS (Executive Program)

113 Points Posted on 18 December 2009

Hi.....

I got some amount of capital gain in F.Y. 2008-09, So i invested the same in a separate bank account for the purpose of capital gain exemption to construct a new house u/s 54F of income Tax Act. The same was utilised for A.Y. 2009-10.

Now again i got some capital gain and want to invest in the already opened account with bank to utilise for the purpose of construction of the same house property.

Can i invest in the same account? If yes on which section it explained or in which case law it says?

Please respond to the above query with suitable basis.........

Replies (4)

P-A-W-A-N

TAX - MANAGER AT GURGAON

473 Points Posted on 19 December 2009

Originally posted by : Ricky
	Hi..... I got some amount of capital gain in F.Y. 2008-09, So i invested the same in a separate bank account for the purpose of capital gain exemption to construct a new house u/s 54F of income Tax Act. The same was utilised for A.Y. 2009-10. Now again i got some capital gain and want to invest in the already opened account with bank to utilise for the purpose of construction of the same house property. Can i invest in the same account? If yes on which section it explained or in which case law it says? Please respond to the above query with suitable basis.........