01 August 2022
What seems important in terms of s.54B(2) is the deposit of amount of capital gain that is not utilized by the assessee for the purchase of the new asset, in a specified bank account. Such deposit appears to be required to be made latest by the due date applicable for furnishing the return of income u/s.139(1). I think, once the deposit is made in due time, furnishing the return at a later date would not disentitle an assessee from claiming exemption subject to satisfaction of other conditions.
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