Capital Gain Exemption (Urgent)

Hi.....

I got some amount of capital gain in F.Y. 2008-09, So i invested the same in a separate bank account for the purpose of capital gain exemption to construct a new house u/s 54F of income Tax Act.  The same was utilised for A.Y. 2009-10.

Now again i got some capital gain and want to invest in the already opened account with bank to utilise for the purpose of construction of the same house property.

Can i invest in the same account? If yes on which section it explained or in which case law it says?

Please respond to the above query with suitable basis.........

Replies (4)
Originally posted by : Ricky
Hi.....
I got some amount of capital gain in F.Y. 2008-09, So i invested the same in a separate bank account for the purpose of capital gain exemption to construct a new house u/s 54F of income Tax Act.  The same was utilised for A.Y. 2009-10.
Now again i got some capital gain and want to invest in the already opened account with bank to utilise for the purpose of construction of the same house property.
Can i invest in the same account? If yes on which section it explained or in which case law it says?
Please respond to the above query with suitable basis.........

Yes it allowed when Account in your name
 

Mr. Pawan

Thanks for the reply but i need supporting section or case law. If you provide it will be helpful to me.

Are both capital gains long term and taxable?

 

Is the deposit made under a capital gains saving scheme account or just an ordinary account?

Mr G.K.

Yes...  Both years capital gains are Long term only. Thats why he claimed 54F in the previous year.

That Deposit also in Capital Gains Saving Scheme account only (Then only he is eligible to claim the exemption)

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