CAPITAL GAIN

[Harjinder singh]

for case search in relation to capital gain on sale of house property , the capital gain has not been deposited by the assessee in the capital gain scheme , but has purchased property within stipulated period as perscribes please advise

AI Summary

Differing Judicial Views on Capital Gains Tax: Deposit Requirements When Reinvesting in Property Explained An individual inquired about the capital gains tax implications of not depositing proceeds from the sale of a house into a capital gain scheme, despite purchasing another property within the prescribed period. A response cited favorable rulings for the taxpayer from the Karnataka and Madras High Courts, while also referencing adverse decisions from the Bombay and Rajasthan High Courts. The discussion highlights differing judicial interpretations on the requirement to deposit capital gains in a scheme when reinvesting in property.