Deposit mechanism for unutilised capital gains: mandatory specified account deposit before filing return; unutilised portion later taxable. The amendment extends reinvestment exemption to individuals and Hindu undivided families, lengthens the pre-acquisition period to two years, and requires that net consideration not appropriated or not utilised for purchase or construction by the date of filing the income-tax return be deposited before filing in accounts specified under a Central Government scheme, with such deposit treated as part of the cost of the new asset; unutilised deposits not applied within the prescribed period become chargeable as capital gain when three years from the transfer expire, with withdrawal governed by the scheme.
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 mechanism for unutilised capital gains: mandatory specified account deposit before filing return; unutilised portion later taxable.
The amendment extends reinvestment exemption to individuals and Hindu undivided families, lengthens the pre-acquisition period to two years, and requires that net consideration not appropriated or not utilised for purchase or construction by the date of filing the income-tax return be deposited before filing in accounts specified under a Central Government scheme, with such deposit treated as part of the cost of the new asset; unutilised deposits not applied within the prescribed period become chargeable as capital gain when three years from the transfer expire, with withdrawal governed by the scheme.
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