ICICI

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


Lamiya Km   13 November 2019

Lamiya Km

 15 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.

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Debiprasad Jana   13 November 2019

Debiprasad Jana

 10 likes  178 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

 701 likes  11054 points

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

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Lamiya Km   14 November 2019

Lamiya Km

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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

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Kapadia Pravin   14 November 2019

Kapadia Pravin

 701 likes  11054 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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