Capital gain account

Case 1. Yes he can claim deduction u/s 54. Refer https://www.accounting-n-taxation.com/LTCG-Deduction.html

Case 2. No

Case 3. Just close the deposits in CG a/c and pay the tax. Refer https://www.accounting-n-taxation.com/Capital-Gains-Deduction.html#time

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If he wants he can try 54EC.

Dear Sam, First of all, I am assuming that Agricultural land in question is not in rural area. If it is in rural area, it is exempt from capital gain ab-initio. Case 1: Capital Gain arising from the sale of agricultural land and flat is taxable in the year of sale. Capital Gain arising from the sale of flat is exempt in amount as much as it is invested in purchasing, a new property within 2 years from the date of sale or constructed within 3 years from the sale or if a house is purchased 1 year prior to sale(It is assumed that you are selling the flat after selling land and shop). Case 2: No. Case 3: If he has to pay tax on it, he don't need to deposit it in CG account. Abhishek K. Pandey

@ tharani- as I mentioned the amount he deposited in capital gain is through sale of shop and rural agricultural land. As per income tax law Long term capital gain to save tax assesse should not own more than 2 residental property. But here the assesse haven't sold the flat the capital again ia arrised though shop so he can buy 3 flat. Correct me if I am wrong...