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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 Q1) Whether return in which there is a capital gain and we are claiming exemption under section 54 & 54EC needs to filed on or before 31st july in case of individual assessee not subject to tax audit??

Q2) Suppose there is a sale of residential property on 21st march 2013 with a long term capital gains of Rs. 8000000/-.Now he has deposited Rs.3300000/- in capital gain account scheme and balance 4700000/- he is suppose to invest in bonds u/s 54 EC which he can invest within 6 months of transfer of property.Since due date of filing of return in31st july and suposse the assessee files the return on 31st july without investing in 54ec since he has 3 months in hand to invest the balance.Then how to show it in the return??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

28 July 2013 1. Not necessary. Can be filed later also.
2. 54EC bonds exemption can be shown only after investment so better file as soon as investment is made.

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