TaxTMI 
TaxTMI 
TaxTMI 
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
CAPITAL GAIN
Harjinder singh
Capital gain reinvestment rules contested where proceeds not deposited yet replacement property bought within prescribed period creates conflicting precedents. Issue concerns entitlement to capital gain relief where sale proceeds were not deposited into the capital gain scheme but a replacement property was acquired within the prescribed period. Two lines of authority exist: some decisions treat timely purchase as satisfying the reinvestment requirement despite non-deposit, while others hold deposit into the designated scheme is a mandatory independent condition for claiming relief. (AI Summary)
