For Availing 54 F exemption : If the assesses had not deposited the sale consideration value in the capital gain account scheme within the due date of filing the return that is 31/08/2012 ,and he is deposing the amount in the current month will he still be able to get the exemption under section 54F ? As section 139(4) give extended time for filing the return though its a belated return and even since the 139(4) is not an independent section but relates to time contemplated in 139 (1) .
So the assesses will still be able to get the Exemption ?
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Availing exemption under section 54 f
Replies (1)
Assessee has time only upto the date of filing the return u/s 139(1) i.e. 31st July or 30th Sept as the case may be.
If teh due date of filing the return is being is being extended by CBDT then the assessee would get extended time upto that date.
Sub-section 4 gives an opportunity to teh assessee to file the return on or before the end of teh A.Y. if he was unable to file the return. This does not means that sub-section is an extneded part of sub-section 1. So teh assessee is requried to file his return as per sub-section 1
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