owner
61 Points
Joined July 2009
the law doesn't say any think clearly on this and in section 54GB its says that entire sales proceed is utilizing in buying equity share of a new co with money been used in purchasing new plant and machinery and unutilize funds is depoisted in CGAS account and must be used in 1 year time for the date of purchase share in the company.
i have attach pages from ICAI direct tax book chapter capital gain and have highlighted that also.
i know ICAI is not a great sources of reference i hope if someone can check with the actual law or have FAQs form department regarding this it will a great contribution.
looking forward for valuable discussion
thanks to everyone in advance.