Exemption u/s 54 f

This query is : Resolved

PANKAJ PATIL (Querist)
Follow

24 September 2012 25 plots (inherited) sold from June 2011 tillApril 2012. In June 2011 a under constructionflat was booked, with an agreement value ofRs. 27 lacs. Now total amount received fromthe sale of 25 plots was Rs. 23 lacs. Theamount received in 2011 was Rs. 6 lacs andthe amount received in 2012 was Rs. 17 lacs.And the whole 23 lacs were not deposited inthe capital gain account. I am paying the flatinstallments by depositing the amountreceived from plot sale in my savings a/c thrucheque. Can i still claim for exemption u/s 54f?

Prakash Kochar

Prakash Kochar (Expert)
Follow

26 September 2012 yes,
IF THE AMOUNT RECEIVED IS PAID FOR PURCHASE OF FLAT BEFORE THE DUE DATE FOR FURNISHING THE RETURN.

Due date for furnishing the ROI as per s 139(1) is subject to the extended period provided u/s 139(4) and if the return is filed within the period specified in sect. 139(4), deduction u/s 54 could not be denied

i) IT v. Ms. Jagriti Aggarwal 15 taxmann.com 146 (P&H)[2011]]

ii) Esther Christopher Mascarenhas v. ITO 9 Taxmann.com 99 (Mum.-ITAT)(2011)
may be ref.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jagdeep Kaur

RAVINDRA JOSHI

Jaipal Singh

AJAY Kumar Agrawal

CA K GIRIDHAR

Subscribe Now

Exemption u/s 54 f

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA