Capital gains deposit scheme
This query is : Resolved
13 February 2012
i earned LTCG from transfer of an asset (other than a HP) in Oct 2011. i want to purchase a new house within the next 2 years and claim exemption u/s 54F.For that i have to deposit that much of the Sale consideration of which i wish to claim exemption,(not exceeding the amount of LTCG) in the CGDS A/c.
My query is, can i utilize the sale consideration in the interim period for any purposes, like for my business before i deposit the same in the CGDS A/c.
Would using the sale consideration in my business make me ineligible to claim the benefit of exemption u/s 54F..??
My query is, can i utilize the sale consideration in the interim period for any purposes, like for my business before i deposit the same in the CGDS A/c.
Would using the sale consideration in my business make me ineligible to claim the benefit of exemption u/s 54F..??
CA PARAS BAFNA
(Expert)
13 February 2012
.
There is no restriction in using the money during the interim period. But take care, at the "Antim Period" the money can easily be taken out, (when you would require to deposit it.) .
There is no restriction in using the money during the interim period. But take care, at the "Antim Period" the money can easily be taken out, (when you would require to deposit it.) .
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