Long term capital gain amount

This query is : Resolved

raghavendra b (Querist)
Follow

29 April 2019 DEAR SIR,

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.

PLEASE CLARIFY ME

REGARDS

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

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

raghavendra b

raghavendra b (Querist)
Follow

30 April 2019 THANK YOU SIR,

BUT HE CAN CLAIM EXEMPTION WHILE FILING INCOME TAX RETURN UNDER CAPITAL GAIN SCHEME ACCOUNT 1988.

REGARDS

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

velichety.l.narasimharao

Akhila Ajayan

Amit Bagla

GIRISH K SATTI

Ravi

Subscribe Now

Long term capital gain amount

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANT

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Accountant