TMI BlogSection 54H : Extension of time limit for acquiring new asset or depositing or investing amount of capital gain, in case of compulsory acquisition.X X X X Extracts X X X X X X X X Extracts X X X X ..... he previous year in which the asset is compulsorily acquired and the previous year in which the compensation is actually received. As per section 54H , the period for acquiring the new asset by the assessee referred to in sections 54 , 54B , 54D , 54EC and 54F (i.e. six months, one year before or two/three years after the date of transfer of the asset) shall be reckoned from the date of receipt of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy utilized for purchases or construction of new assets plus the amount deposited under the CGAS on or before due date u/s 139(1) would be deemed to be cost of new assets. However, for the purpose of sections 54 and 54F, the amount so deemed to be the cost of the new assets cannot exceeds ₹10 crore. Proof of such deposit should be attached with the return. the deposit can be withdrawn for ut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unutilised deposit under the CGAS,1988 in the hands of the legal heirs of the assessee - in the event of death of an individual before the stipulated period, the unutilized is not chargeable to tax in the hands of the legal heirs of the deceased individual. such unutilized amount is not income but is a part of the estate devolving upon them. [ circular No. 743 dated 06.05.1996 ] IMPORTANT NOTE:- T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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