Rules for section 54 F of Income Tax Act

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(Querist)
19 October 2008 Hello

Can someone guide me about deposit rules for LTCG under section 54F when someone want to deposit the amount of consideration in a special account.How same can be used i.e whats rules for its utilization for purchase or construction of the house.

Thanks and Regards

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 October 2008 It is capital gains account scheme,1988 vide notification no GSR 724 (E) dt 22/06/1988 published in 172 ITR (st) 54.
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