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Extension of last date for filing return- sec.54 investment (Income Tax)

This query is : Resolved

VENKATESH N

( Author )
03 August 2012

Dear Expert,
Does the extension of last date for filing return of income give little time for doing the investment in residential property against capital gains on sale of residential house property till 31st Aug 2012?

Please clarify.

Thanks in advance.
Regards,
Venkatesh N

CA PARAS BAFNA

( Expert )
03 August 2012

The benefit will be granted to those who are claiming exemption U/s 54/54F by purchasing a house till the extended Due Date i.e. till 31.08.2012.

Yogesh Agarwal

( Expert )
03 August 2012

This benefit is available in case you could not buy or construct the house and wish to deposit in capital deposit account....

CA.Sourabh Sethia

( Expert )
04 August 2012

the provision provides that If the assessee was not able to invest in the house property till the due date
Then to claim exemption and to invest in the future for Claiming exemption
The assessee can invest in the Capital Gain Account scheme
But if you have utilized the amount before the due date (or Extended due date )then you don’t need to invest in the Capital Gain Account Scheme