QUERY RELATED TO U/S 54F CAPITAL GAIN

This discussion addresses claiming exemption under Section 54F of the Income Tax Act after selling a property and depositing the capital gain into the Capital Gains Account Scheme. The user sold a property in February 2020, deposited the capital gain in September 2020 (before filing their return), but hasn't purchased a new property after two years. The advice confirms that it's still possible to claim the exemption by purchasing and constructing a new residential property within three years from the original sale date, provided all other conditions of Section 54F are met. Failure to do so will result in capital gains tax being payable on the unutilised amount.