Enquiry about Capital Gain Account

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TaxPayer
21 Points Posted on 27 March 2024

Last month, I sold a 15-year old property and planning to purchase a residential property next financial year. 
Is it mandatory to move the fund to a "Capital Gain Account" before 31st March to get the tax exception?

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On 27 March 2024 at 18:41 Report
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Quick Summary
If you've sold a property and plan to buy another, you might be eligible for tax exemption under Section 54. To claim this, you must deposit your capital gains into a Capital Gains Account Scheme. This needs to be done by the Income Tax Return (ITR) filing due date, which is typically 31st July, to avail the deduction.

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CA Final Student
112 Points Posted on 27 March 2024
Capital gain has to be invested in a Capital Gain Account scheme before the due date of filing IT Return to avail deduction u/s 54
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On 27 March 2024 at 21:31
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Proprietor
161 Points Posted on 29 March 2024
Jinu J
Yes you have to deposit your capital gain into capital gain account scheme on or before the due date of ITR I.e. 31st july to avail deduction u/s 54
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On 29 March 2024 at 23:07

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