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Sec. 139(1) or 139(4) (Income Tax)

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( Author )
21 February 2009

Sec 139 (1) and sec 139(4) give different due dates. Since, the return u/s 139(4) can be submitted before the expiry on one year after the relevant Assessment Year is over.

If-

1)An assessee having capital gain do not acquire the property and also do not make deposit in the capital gain account prior to the due date u/s 139(1) and

2) Subsequently he procures the property after the due date u/s 139(1) but before due date u/s 139(4); can he claim the exemption in the return filed u/s 139(4)?

3) Property is to be acquired within 3 years of transfer of the original property through which capital gain is accrued; what if; he makes such investment in the property after the due date 139(1); since the new property is purchased within the time frame as given in Sec 54(F)(1); is the exemption allowable?

4) What if the return u/s 139(1) is filed within the time allowed u/s 139(1) and later on the property is acquired. Can the revised return within the time frame allowed to revise the return; be submitted to claim the exemption?

Any recent case laws?


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