Section 54 read with section 263 of the Income Tax Act, 1961 — Capital gains — Deduction of long term Capital gain under section 54 is allowed if it is invested in purchase of new house property before actual date of filing of return under section 139(1) ; otherwise unutilised Capital gain is to be deposited under Capital gain account scheme. no deduction is allowable where Capital gain is utilized after actual date under section 139(1), no matter it is invested within excluded time of filing of return under section 139(4)/(5) — Rajan Gumba Telang vs. Principal Commissioner of income tax [2020] 180 ITD 184 (Mumbai-trib)