Amount not invested out of capital gain a/c

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  1. ca jain

    ca jain New Member

    My client has invested the capital gain in capital gain account scheme , 1988 to claim exemption in f.y 2013-14. In F.y 2015-16 , purchased a residential property from his own funds i.e capital gain account was not used for the purchase of the new residential property in f.y 2015-16 . Can he claim the investment in f.y 2015-16 out the capital gain a/c . Plz advice .
  2. ZED

    ZED Well-Known Member

    Logically yes, the purpose of the section is to provide benefit to the assessee and hence the provisions should be interpreted liberally and purposively.
    Even if AO denies the exemption I would recommend you to go in appeal. There are very high chances of favourable judgement.
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