Deposit of capital gain for claiming benefit of exemption - capital gain deposit scheme

[Sanjeev Agrawal]

IS THE REQUIREMENT OF DEPOSITING CAPITAL GAINS PROCEEDS IN CAPITAL GAINS ACCOUNT BY THE DUE DATE IS MANDATORY OR ONLY DIRECTORY.PLEASE LET ME KNOW CASE LAWS IF ANY.TREAT IT AS URGENT IF YOU CAN

[CAGOPALJI AGRAWAL]

It is very much mandatory. As there is no ambuiguity is law hence it will not need any precedence.

AI Summary

Deposit of capital gains proceeds required to claim exemption; timely deposit into the capital gains account is mandatory. Depositing capital gains proceeds into the Capital Gains Account Scheme by the prescribed due date is a mandatory eligibility condition for claiming the exemption; the statutory requirement is said to be unambiguous, and therefore compliance with the due-date deposit is necessary without needing judicial precedent.