Taxability of unutilised deposit under the Capital Gains Accounts Scheme, 1988*, in the hands of the legal heirs of the assessee - Reg.

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....G of the Income-tax Act, 1961, capital gain is not chargeable to tax if the amount of capital gain or net consideration has been utilised for specified purposes by the assessee within the stipulated period laid down in the relevant section. These provisions also provide for the deposit in specified banks, etc. of the amount of capital gain which is not utilised by the assessee for the acquisition ....