Capital gains deposit scheme secures exemption when unutilised proceeds are deposited pending purchase of agricultural land. Deposit of unutilised capital gain in the Capital Gains Deposit Account Scheme allows the taxpayer to claim the exemption relating to transfer of agricultural land if the proceeds remain unutilised at the date of filing the return; the deposited funds may then be withdrawn to purchase new agricultural land within the prescribed time limit to qualify for the exemption.
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.
Capital gains deposit scheme secures exemption when unutilised proceeds are deposited pending purchase of agricultural land.
Deposit of unutilised capital gain in the Capital Gains Deposit Account Scheme allows the taxpayer to claim the exemption relating to transfer of agricultural land if the proceeds remain unutilised at the date of filing the return; the deposited funds may then be withdrawn to purchase new agricultural land within the prescribed time limit to qualify for the exemption.
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