Deposit of unutilised capital gain required before filing return; unspent amounts taxed if not applied within prescribed period. Where capital gain is not utilised for purchase of the new asset before filing the return, the unutilised amount must be deposited in an account with a bank or institution specified under a notified scheme; proof of deposit must accompany the return and the amount applied plus the deposit is deemed to be the cost of the new asset. If the deposit is not utilised within the specified period the unutilised amount is charged as income in the previous year when that period expires and may be withdrawn in accordance with the scheme; the initial standard deduction is disallowed when such amount becomes chargeable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposit of unutilised capital gain required before filing return; unspent amounts taxed if not applied within prescribed period.
Where capital gain is not utilised for purchase of the new asset before filing the return, the unutilised amount must be deposited in an account with a bank or institution specified under a notified scheme; proof of deposit must accompany the return and the amount applied plus the deposit is deemed to be the cost of the new asset. If the deposit is not utilised within the specified period the unutilised amount is charged as income in the previous year when that period expires and may be withdrawn in accordance with the scheme; the initial standard deduction is disallowed when such amount becomes chargeable.
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