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............................
Recent Topics
- How can I check the platform number for my train?
- Gratuity under CTC
- GST refund paid as estimated tax liability
- Salary Income and Professional services income
- Sec 54 and TDS on sale of property
- Airbnb Manager - I manage properties for owners
- Wrong head ed for late fee
- Inter Company trnafer
- Job work-Reg
- Who is liable to pay GST if bank charges excl GST
Related Threads
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
