Capital gains

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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)
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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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