ONE OF MY CLIENT SOLD HIS LAND ABOUT 3000000/- AND HE HAS INVESTED THE WHOLE AMOUNT UNDER CAPITAL GAIN ACCOUNT SCHEME 1988. SO MY QUESTION IS WHETHER AFTER MATURITY OF THE INVESTED AMOUNT CAN BE UTILIZED FOR HIS PERSONAL NEEDS OR NOT OR HE HAS TO INVEST ANOTHER RESIDENTIAL HOUSE PROPERTY U/S 54F.
29 April 2019
capital gains account scheme is not an investment but a bank account where you park the capital gains amount for further utilisation in construction or purchase of a house property or for investment in capital gains bonds of NHAI/RECL.
Therefore there is no question of utilisation of the amount for other purposes on maturity. if unutilized,the capital gains will still be payable
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