https://www.taxtmi.com/forum/issue?id=111169 Taxpayer sold land and placed long term capital gains in a Capital Gains Account Scheme seeking exemption by reinvestment. Purchase of an existing residential dwelling is constrained by the shorter purchase deadline, whereas claiming exemption for a newly constructed dwelling requires completion within the three year construction requirement. Parking funds in an authorised capital gains account meets interim compliance, but failure to reinvest by the applicable period will make the gains taxable; interest earned in the capital gains account is taxable and contributors noted uncertainty about additional penalties. en-us Sun, 27 Nov 2016 21:45:42 +0530 Thu, 23 Jan 2025 15:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111169 Taxpayer sold land and placed long term capital gains in a Capital Gains Account Scheme seeking exemption by reinvestment. Purchase of an existing residential dwelling is constrained by the shorter purchase deadline, whereas claiming exemption for a newly constructed dwelling requires completion within the three year construction requirement. Parking funds in an authorised capital gains account meets interim compliance, but failure to reinvest by the applicable period will make the gains taxable; interest earned in the capital gains account is taxable and contributors noted uncertainty about additional penalties. Discussion-Forum Income Tax Sun, 27 Nov 2016 21:45:42 +0530 https://www.taxtmi.com/forum/issue?id=111169