TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Act: Section 54B Amended to Change Capital Gains Rules on Unutilized Deposits for New Assets.</h1> Section 54B of the Income-tax Act is amended effective April 1, 1988. In sub-section (1), the phrase 'Subject to the provisions of sub-section (2)' replaces 'Where the capital gain arises.' Sub-section (2) is replaced to require that any unutilized capital gain for purchasing a new asset must be deposited before filing the income tax return under section 139. This deposit must occur by the due date for filing the return and be placed in a specified bank or institution per a government scheme. If not fully utilized within two years, the unused amount is taxable, and the taxpayer can withdraw it under the scheme.
TaxTMI 
TaxTMI 
