What is the time limit to deposit the unutilized amount in Capital Gain Scheme Account?
If till the date of filing the return of income, the capital gain arising on transfer of the house is not utilised (in whole or in part) to purchase or construct another house, then the benefit of exemption can be availed by depositing the unutilised amount in Capital Gains Deposit Account Scheme.
The amount deposited in the Capital Gains Account Scheme has to be utilised within the specified period for purchase/construction of the residential house.