The time limit of 6 months for depositing in the Capital Gain Account Scheme is reckoned from the date of the transfer of the property, not from the date of receipt of part of the sale consideration.
According to the Income Tax Act, the deposit must be made before the due date for filing the income tax return for the relevant financial year or within 6 months from the date of transfer, whichever is earlier.
This ensures the taxpayer can claim the capital gains exemption under sections 54, 54F, etc., if the amount is not immediately reinvested in a new property.
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Whether Time limit of 6 months is reckoned from date of registration of property or from the date of receipt of part of sale consideration for Depositing in capital gain account scheme?
RAVIKUMAR
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2024-07-12T10:25:25+00:00 2024-07-12T10:25:26+00:00Comment
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