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Utilisation of capital gain account scheme for purchase of right of an inherited property


Lamiya Km   13 November 2019

Lamiya Km

 16 points

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I have claimed 54 F exemption by depositing capital gain account scheme during the A.Y 2019-20.Now I want to purchase a house property (inherited property) from my sister on which I also have equal right .
So, I want to know that whether there is any legal restrictions for utilising the capital gain account scheme for the above said purchase.

avater

Debiprasad Jana   13 November 2019

Debiprasad Jana

 15 likes  250 points

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Please elaborate the situation. By the way you can buy house from capital gain account

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Kapadia Pravin   13 November 2019

Kapadia Pravin

 916 likes  14288 points

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From which transaction you deposited money in capital gain account scheme and it's date of deposit ???

avater

Lamiya Km   14 November 2019

Lamiya Km

 16 points

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I have deposited the money in capital gain account scheme from the sale of land and deposited on 27-08-2019

avater

Kapadia Pravin   14 November 2019

Kapadia Pravin

 916 likes  14288 points

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You can purchase your sister's share by using capital gain Account Scheme money (full consideration realised on sale of land) and claim Deduction under 54F .


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