The capital gain(CG) invested in the capital gain account scheme CGAS, is eligible for capital gain exemption. The benefits of sections 54, 54b, and 54f of the income tax act are only given to HUF or individuals. These investments must be made either one year before the property is sold or within two years of the transaction. Or if you are unable to invest in CSAS you can convince the tax department that you want to invest by opening an account CGAS in a scheduled bank.
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Should the amount of CG be invested in CGSA as the payment for acquiring new property is to be done in phased manner spread over 2 financial years?
E V S LAKSHMI
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1 Year
2023-08-12T11:05:52+00:00 2023-08-14T10:47:06+00:00Comment
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