The query : Is it necessary to file the return of income before the due date of filing the return in order to claim the exemption under section 54 in capital gains , even when the deposit in the specified bonds /bank account has been done before the due date of filing the return of income . If it is necessary and has not been filed then what is the remedy to claim the exemption . Thanks Prashant
07 March 2010
Not Necessary to file on or before due date till the time you have made investments of LTCG in eligible schemes u/s 54 your claim cannot be disallowed
07 March 2010
section 54(2) refers only section 139. Section 139 cannot mean 139(1) only but it means all sub sections of 139. Therefore, return filed under section 139(4) will also get the benefit of section 54. Citation :-CIT Vs. Rajesh Kumar Jalan 286 ITR 274 (Gauhati).
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