Exemption under section 54 of Income Tax Act 1961
Durvesh Naik (Student CA ) (27 Points)
25 August 2016My uncle has sold a residential property and purchased a new residential property. But while filing income tax return he has not reported in capital gains. Now at the time of scrutiny he has realise it. Assessing officer is not ready to give exemption under section 54 for not reporting in ITR. Can he still claim exemption under section 54?