LTCG on non agri land and exemption under 54
Sajjan Tawde (38 Points)
18 October 2024Sajjan Tawde (38 Points)
18 October 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177818 Points)
Replied 19 October 2024
Only possible, if parked the sale consideration in CGAS account before 31.07.2022.
Sajjan Tawde
(38 Points)
Replied 19 October 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177818 Points)
Replied 19 October 2024
It is trivial issue. The exemption u/s. 54F is available if you have parked the funds in the CG sav acc before the ITR filing date u/s. 139(1) IT act.
There are case laws favouring assesees when the compliece was not fulfilled, but for that you may have to appeal with higher authorit/ies. At ITO level you may be denied the exemption.
Sajjan Tawde
(38 Points)
Replied 19 October 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177818 Points)
Replied 19 October 2024
Yes, Only final figures are filled, based on your calculation/s, details of which can be asked by ITD at any time before its processing.