Capital gains

Vikas Arora (Querist) 23 August 2012 This query is : Resolved
I am selling my house very soon and i want to invest in new property on account of sale to save tax on my capital gain. I want to know the application of section 54?
If new investment is not instant then what is capital gain deposit scheme? Is it available in all public banks or as well as private banks also?

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Yogesh Anand (Expert) 23 August 2012
A dedicated a/c can be opened with any bank to keep that money till you purchase new property. That money, then cannot be used for any other purpose if you want to save capital gains tax.