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

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Lamiya Km 13 November 2019

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.

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Debiprasad Jana 13 November 2019

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

Kapadia Pravin 13 November 2019

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

Lamiya Km 14 November 2019

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

Kapadia Pravin 14 November 2019

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 .