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What is the Scheme of Deposit of Sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54H

Whether Scheme of Deposit is applicable

Section-54                :           Yes

Section-54B             :           Yes

Section-54D             :           Yes

Section-54EC           :           No

Section-54F             :           Yes

Section-54G             :           Yes

Section-54GA          :           Yes

Scheme of Deposit

if the new asset is not acquired up to the due date of submission of return of income, then the taxpayer will have to deposit the money in “Capital Gain Deposit Account Scheme” with a nationalised bank. The proof of deposit should be submitted along with return of income. On the basis of actual investment and the amount deposited in the deposit account, exemption will be given to the taxpayer.

The taxpayer can acquire a new asset by withdrawing from the deposit account. But the new asset should be acquired within the time-limit. If the deposit account is not fully utilised for acquiring the new asset, the unutilised amount [but in case of section 54F it is unutilised amount/net sale consideration X capital gain] will become chargeable to tax in the previous year in which the specified time-limit expires [in case of sections 54 and 54F when the 3 year time limit expires]. It will be taxable as short-term/long-term capital gain depending upon the original capital gain. The unutilised amount can be withdrawn by the taxpayer after the expiry of the aforesaid time-limit.




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Tax Amendments in Finance Bill 2020

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