https://www.taxtmi.com/acts?id=47057 Where capital gain is not utilised for purchase of the new asset before filing the return, the unutilised amount must be deposited in an account with a bank or institution specified under a notified scheme; proof of deposit must accompany the return and the amount applied plus the deposit is deemed to be the cost of the new asset. If the deposit is not utilised within the specified period the unutilised amount is charged as income in the previous year when that period expires and may be withdrawn in accordance with the scheme; the initial standard deduction is disallowed when such amount becomes chargeable. en-us Tue, 07 Jan 2025 12:10:31 +0530 Tue, 07 Jan 2025 12:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47057 Where capital gain is not utilised for purchase of the new asset before filing the return, the unutilised amount must be deposited in an account with a bank or institution specified under a notified scheme; proof of deposit must accompany the return and the amount applied plus the deposit is deemed to be the cost of the new asset. If the deposit is not utilised within the specified period the unutilised amount is charged as income in the previous year when that period expires and may be withdrawn in accordance with the scheme; the initial standard deduction is disallowed when such amount becomes chargeable. Act-Rules F. Acts / Amendment Acts Tue, 07 Jan 2025 12:10:31 +0530 https://www.taxtmi.com/acts?id=47057