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Decuction u/s 54, for a belated return
The assessed has sold house property in Jan 2019, can he claim deduction u/s 54, by investing in residence within 12 months, and files a belated return in feb 2020?
Replies (2)
Yes Assessee can do so....
You may not get deduction under 54 bcoz you did not comply with the condition of parking captial gain money in a specified CGS Account in a bank on or before due date of filing return that is 31st July 2019. (Extension of one month is not applicable for section 54 compliance.)
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