Capital gain reinvestment requirement: unutilised gains must be deposited under a notified scheme or become taxable later. Where capital gain is not utilised for purchase or construction of a new asset before filing the return, the assessee must deposit the unutilised amount in a specified bank or institution under a Central Government notified scheme by the return due date, with proof of deposit; the amount already utilised together with the deposit is deemed to be the cost of the new asset. If deposited funds are not utilised within the three year period, the unutilised portion is chargeable as income when that period expires and may be withdrawn under the scheme, and the initial deduction of ten thousand rupees shall not be admissible.
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.
Capital gain reinvestment requirement: unutilised gains must be deposited under a notified scheme or become taxable later.
Where capital gain is not utilised for purchase or construction of a new asset before filing the return, the assessee must deposit the unutilised amount in a specified bank or institution under a Central Government notified scheme by the return due date, with proof of deposit; the amount already utilised together with the deposit is deemed to be the cost of the new asset. If deposited funds are not utilised within the three year period, the unutilised portion is chargeable as income when that period expires and may be withdrawn under the scheme, and the initial deduction of ten thousand rupees shall not be admissible.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
