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of <h1>Section 54H: Extended Time for New Asset Acquisition or Capital Gains Deposit after Compulsory Acquisition</h1> Section 54H of the Income Tax Act extends the time limit for acquiring a new asset or depositing capital gains in cases of compulsory acquisition. The period for acquiring a new asset or making a deposit is calculated from the date of compensation receipt, not the original transfer date. Deposits under the Capital Gains Accounts Scheme (CGAS) must be made before filing the income return. If the amount is not utilized within the stipulated period, it is taxed as capital gain. In the event of the assessee's death, unutilized deposits are not taxable to legal heirs. Section 54H does not apply to sections 54G/54GA.
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