Can anyone please tell me if a person files a belated return ,is he eligible to exemption of capital gains u/s 54 if he deposits thesale proceeds in tthe capital gains account after the due date u/s 139(1) but before the date of filing the belated return.urgent.please reply.
3 Replies
kapil kumar agrawal
(Chartered Accountant )
(169 Points)
Replied 01 September 2009
no such person is not eligible to avail any exemption u/s 54 if he did not deposited the capital gain into Capital Gain Account Scheme on or before due date specified u/s 139(1), where he files belated return u/s 139(4) then also he is not eligible to avail exemption because belated return cannot substitut the original return........
himanshu
(article clerk)
(26 Points)
Replied 18 December 2009
very gud answer............................
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