Exemption u/s 54 ec after return filing
This query is : Resolved
abhilasha jain
(Querist)
07 February 2012
MR. A WHO SOLD HIS LONG TERM CAPITAL ASSET IN THE MONTH OF MARCH 2011, THE SAME WANTS TO TAKE THE BENEFIT OF U/S. 54EC OF THE IT ACT.
MY QUERY IS ACCORDING TO 54EC THE LONG TERM CAPITAL GAIN ON ASSET HAVE TO INVESTED IN INVESTMENTS (EG. NHAI, ETC.) WITHIN SIX MONTHS FROM THE DATE OF TRANSFER OF CAPITAL ASSETS. SO, IN MY QUERY THE ASSESSEE HAS SOLD THE ASSETS ON 31ST MARCH, 2011 AND SO LAST DATE FOR MAKING THE INVESTMENTS IS 30TH SEPTEMBER, 2011 BUT LAST DATE OF FILING THE INCOME TAX RETURN IS 31ST JULY, 2011.
HOW THE PRESENTATION HAS TO BE DONE IN THE COMPUTATION OF INCOME IN THE F.Y. 2010-2011 IF THE ASSESSEE DECIDES TO MAKE INVETMENTS AS ABOVE IN THE MONTH OF SEPTEMBER, DOES A HAVE TO SHOW AS LTCG IN THE COMPUTATION OF THIS YEAR????
MR. A WHO SOLD HIS LONG TERM CAPITAL ASSET IN THE MONTH OF MARCH 2011, THE SAME WANTS TO TAKE THE BENEFIT OF U/S. 54EC OF THE IT ACT.
MY QUERY IS ACCORDING TO 54EC THE LONG TERM CAPITAL GAIN ON ASSET HAVE TO INVESTED IN INVESTMENTS (EG. NHAI, ETC.) WITHIN SIX MONTHS FROM THE DATE OF TRANSFER OF CAPITAL ASSETS. SO, IN MY QUERY THE ASSESSEE HAS SOLD THE ASSETS ON 31ST MARCH, 2011 AND SO LAST DATE FOR MAKING THE INVESTMENTS IS 30TH SEPTEMBER, 2011 BUT LAST DATE OF FILING THE INCOME TAX RETURN IS 31ST JULY, 2011.
HOW THE PRESENTATION HAS TO BE DONE IN THE COMPUTATION OF INCOME IN THE F.Y. 2010-2011 IF THE ASSESSEE DECIDES TO MAKE INVETMENTS AS ABOVE IN THE MONTH OF SEPTEMBER, DOES A HAVE TO SHOW AS LTCG IN THE COMPUTATION OF THIS YEAR????
CA PARAS BAFNA
(Expert)
07 February 2012
IN MY VIEW, THE ASSESSEE CAN FILE THE RETURN AFTER INVESTING THE CAPITAL GAINS IN THE BONDS SPECIFIED U/S 54EC WITHIN 6 MONTHS FROM THE SALE OF LT CAPITAL ASSET. . WITHOUT MAKING INVESTMENT HE CAN NOT CLAIM EXEMPTION.
.
THERE IS NO BAR AS SUCH THAT EXEMPTION WILL NOT BE ALLOWED IN CASE THE RETURN IS NOT FILED ON OR BEFORE THE DUE DATE.
.
.
THERE IS NO BAR AS SUCH THAT EXEMPTION WILL NOT BE ALLOWED IN CASE THE RETURN IS NOT FILED ON OR BEFORE THE DUE DATE.
.
CA Parth Shah
(Expert)
07 February 2012
Hi Abhilasha,
In such case, the amount intented to be invested in such securities has to be deposited with Special Deposit Account and same deduction can be taken while filing return as if the amount has been invested subject to the condition that you actually invest the same within six months time period.
In such case, the amount intented to be invested in such securities has to be deposited with Special Deposit Account and same deduction can be taken while filing return as if the amount has been invested subject to the condition that you actually invest the same within six months time period.
abhilasha jain
(Querist)
08 February 2012
but as per my knowledge , there is no provision in 54EC for depositing the capital gain in capital gain deposit account..
abhilasha jain
(Querist)
08 February 2012
but as per my knowledge , there is no provision in 54EC for depositing the capital gain in capital gain deposit account..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
