What is Capital Gains Account Scheme?

What is Capital Gains Account Scheme?

If you have a profit from sale of a residential house and you have not invested these profits in another asset before due date of filing return, then such an amount of capital gains needs to be deposited in the Capital Gains Account Scheme before due date of filing returns, and the proof of this deposit must be attached while filing the returns for that year. Whenever the assessee purchases a new residential house, this amount can be withdrawn with permission from the Assessing Officer.