Capital gain sec 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2013
is it require to deposite amount in 6 months in capital gain scheme from the sale of house if assessee not purchase house in this financial year or only he should deposite before due date of filling.
CA Vikas Acharya
(Expert)
20 April 2013
he could deposit before due date of filing
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Ravi Jhamb
(Expert)
20 April 2013
he should deposit within F.Y. or before 31-03-2013.
CA Vikas Acharya
(Expert)
20 April 2013
dear mr. jhamb. are you sure?
here is the text of section 54, which differs from your reply.
The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme30 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset.
here it mentions about the due date of 139(1), which is 31st july of the relevant A.Y.
i think i was correct.
here is the text of section 54, which differs from your reply.
The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme30 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset.
here it mentions about the due date of 139(1), which is 31st july of the relevant A.Y.
i think i was correct.
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