Capital gain account scheme

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SREE PRAKASH (Querist)
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24 January 2024 Respected Sir
The sale of house property was in April 2033 ( long term capital gain )
The capital gain was not kept in capital gain account. The purchase of new house property will take place in Msrch 2024
Whether exemption will be available?
Please clarify
Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 January 2024 The Income-Tax Appellate Tribunal (ITAT), Delhi bench, has quashed a revisionary order passed by the Principal Commissioner of Income-Tax. The tax tribunal held that mere non-deposit of the long-term capital gains into the ‘capital gains account’ in a designated bank, for the interim period, cannot be the basis to decline the deduction claimed under section 54. This order is likely to support many taxpayers who are facing a similar situation.
Under section 54 of the Income-Tax (I-T) Act, long-term capital gains (LTCGs) arising to an individual from sale of a residential property are exempt to the extent that such gains are invested towards purchase or construction of a new residential house, within the specified time frame.

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