Investment u/s 54 f
This query is : Resolved
Shankar Rao
(Querist)
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
CA CS PRASHANT
(Expert)
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
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- IMS (import of goods) ITC related
- Advances to related party
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
