Assessee (Individual) has filed his belated return of income on 26-09-2014 for the A.Y 14-15, claiming exemption under section 54 F. Assessee has opted to construct house property with 3 years from the date of tranfer of long term capital asset. Assessee has also deposited the amount in capital gain deposit scheme.
But in November 2014, assessee begs to believe that he would not be able to construct the house. Now for the matter of instance whether the return can be revised in the same Financial Year (say December 2014) by paying tax on capital gain together with interst and penalty (if any). As it would also be levied after the expiry of the term of 3 years.
Also guide us if any other alternative is available for the assessee for the said situation.
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