Amount not deposited in l. t. capital gain deposit scheme?

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Purav (Querist)
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06 August 2011 I had sold my residential flat in the month of Feb 2011. Till today i.e. 6th Aug 11 i have not purchased any other residential house property.
Now as per Sec 54 of Income Tax Act, I would be granted exemption if I purchase another residential house in the period of 2 years time. If I dont invest the same upto the end of the financial year than I will have to deposit the same in the Special Capital gain deposit scheme account with bank BEFORE THE DUE DATE FOR FILING OF RETURN.

My due date for filing return of income was 31 st July 2011. I have still not filing my return nor I have deposited the sales consideration into the above mentioned a/c.

Please tell me what shall be consequences & what should be my course of action now? Whether I can deposit the money now in the special account or not & avail benefit of exemption of Sec 54?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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06 August 2011 You have to pay the Capital Gains provided if the value after applying index cost is in positive. If there is no capital gains then you are safe. Without giving facts and figures it is difficult to comment

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 August 2011 This is a case of non compliance of section 54(2) of the Income tax Act,1961 meaning thereby the choice of depositing the amount in capital gains account scheme,1988 is ruled out.
Date of sale (except month and year) is not given. So option of 54EC can't be observed.