Exemption u/s 54 f

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PANKAJ PATIL (Querist)
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24 September 2012 25 plots (inherited) sold from June 2011 tillApril 2012. In June 2011 a under constructionflat was booked, with an agreement value ofRs. 27 lacs. Now total amount received fromthe sale of 25 plots was Rs. 23 lacs. Theamount received in 2011 was Rs. 6 lacs andthe amount received in 2012 was Rs. 17 lacs.And the whole 23 lacs were not deposited inthe capital gain account. I am paying the flatinstallments by depositing the amountreceived from plot sale in my savings a/c thrucheque. Can i still claim for exemption u/s 54f?

Prakash Kochar

Prakash Kochar (Expert)
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26 September 2012 yes,
IF THE AMOUNT RECEIVED IS PAID FOR PURCHASE OF FLAT BEFORE THE DUE DATE FOR FURNISHING THE RETURN.

Due date for furnishing the ROI as per s 139(1) is subject to the extended period provided u/s 139(4) and if the return is filed within the period specified in sect. 139(4), deduction u/s 54 could not be denied

i) IT v. Ms. Jagriti Aggarwal 15 taxmann.com 146 (P&H)[2011]]

ii) Esther Christopher Mascarenhas v. ITO 9 Taxmann.com 99 (Mum.-ITAT)(2011)
may be ref.

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