Is this possible that capital gain is partially utilized and then the rest of the amount can be deposited in Capital Gains Account Scheme before the due date...Or we have to fully utilize it.
I have a client who has purchased the house property one year before the sale of commercial property.He wants to claim exemption under Sec 54F.but as he has not utilized the whole sale proceeds,capital gain will be exempted proportionately. So can he deposit the balance in CGAS and use thereafter within 2 years after the sale of property for the balance payment of the purchase of house property so as to avoid paying the taxes.
2 Replies
Sarath Rajendran
(Nil)
(2791 Points)
Replied 27 August 2018
You can avoid tax but before the expiry of 3 years of cgas investment must utilize fully for the new house
Poonam Lohiya
(158 Points)
Replied 27 August 2018
sub-clause (4) of section 54F clearly says that the unutilized portion of the net sale consideration [not utilized before the date of furnishing the return of income under section 139] which is otherwise liable for capital gain tax shall be deposited in the capital gain account scheme within the period of due date for filing return of income under section 139(1).
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