Investment u/s 54 f
This query is : Resolved
20 December 2011
Dear all
My freind has made a deposit in capital gain deposit scheme u/s 54F for a period of one year ( in the FD receipt it is clearely mentioned as " Deposited under capital gain scheme") and was renewed for further period of 2 years with out crediting to any account. Now the case selected for scrutiny and the A O is not conisering this deposit for deduction u/s 54F as the same was not deposited for a period of 3 years at the begining.
whether the A O is justified or is there any alternative available to my friend.
kindly let me know.
With regards
My freind has made a deposit in capital gain deposit scheme u/s 54F for a period of one year ( in the FD receipt it is clearely mentioned as " Deposited under capital gain scheme") and was renewed for further period of 2 years with out crediting to any account. Now the case selected for scrutiny and the A O is not conisering this deposit for deduction u/s 54F as the same was not deposited for a period of 3 years at the begining.
whether the A O is justified or is there any alternative available to my friend.
kindly let me know.
With regards
20 December 2011
A nice case law.
The decision of AO can be challanged on the basis of renewal copy.
The renewal should be done well before the date of expiry of one year deposit plan/.
That means there should not be any gap between the expiry and renewal.
There is nothing mentioned in s.54F that deposit should be made at a time for three years..i.e it may be renewed.
The decision of AO can be challanged on the basis of renewal copy.
The renewal should be done well before the date of expiry of one year deposit plan/.
That means there should not be any gap between the expiry and renewal.
There is nothing mentioned in s.54F that deposit should be made at a time for three years..i.e it may be renewed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
