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of <h1>Amendment to Section 54D: Unutilized Capital Gains Deposits Now Required; Taxable if Unused in Three Years.</h1> Section 54D of the Income-tax Act, as amended by the Finance Act, 1987, effective from April 1, 1988, introduces changes regarding the treatment of capital gains. Sub-section (1) now specifies that capital gains are subject to sub-section (2). The revised sub-section (2) mandates that unutilized capital gains for purchasing or constructing new assets must be deposited in a specified bank account before filing the income return. If not utilized within three years, the unutilized amount is taxable as income. The amendment also clarifies that the initial deduction of ten thousand rupees under section 48(2) is not admissible if the amount becomes chargeable.
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