Exemption under capital gain
This query is : Resolved
22 August 2013
Dear Expert,
An assessee has sold his agriculture land on 31.12.2011 for Rs.70.25 lakhs. He deposited Rs.20.00 lakhs on 27.07.2012 (i.e. before due date of filing Return of Income) under Capital Gain Deposit Account Scheme for claiming exemption U/s 54F. He filed his Return of Income for AY 2012-13 in Dec-2012 by paying SA Tax on balance Capital Gain. My query is:
Is the Return filed by giving above treatment is right?
An assessee has sold his agriculture land on 31.12.2011 for Rs.70.25 lakhs. He deposited Rs.20.00 lakhs on 27.07.2012 (i.e. before due date of filing Return of Income) under Capital Gain Deposit Account Scheme for claiming exemption U/s 54F. He filed his Return of Income for AY 2012-13 in Dec-2012 by paying SA Tax on balance Capital Gain. My query is:
Is the Return filed by giving above treatment is right?
CA Kumar Mukesh
(Expert)
22 August 2013
No. AS per section 54F The Amount should be deposited on before Due of filling of return Income under Section 139
In your case you have deposited in CGAS on 27th December 2012, instead of 31st July 2012
In your case you have deposited in CGAS on 27th December 2012, instead of 31st July 2012
22 August 2013
Dear Expert, the date of deposit under CGAS is 27.07.2012. Please advise accordingly.
Prakash Kochar
(Expert)
24 August 2013
Written filed is correct. Amount claimed u/s. 54 F is deposited under CGDS within prescribed time and SA is paid on income as per computation.
CA Kumar Mukesh
(Expert)
24 August 2013
Dear Both Jivan & Prakash, in present case sale was done in the FY 2011-12,AY 2012-13 & the due date was to file ROI 31st July, 2012(Assume Individual not required to get TAX Audit) & whereas Investment was made on December,2012 after the due date of filling of ROI.
Both Section 54B & 54F requires to deposit in CGAS on or before filling of return of Income to claim deduction under Respective sections.
But in present case investment was not made in accordance with above provisions & "Hence Deduction was wrongly claimed in ROI".
For Better understanding please read Section 54B & 54F with Section 139
Both Section 54B & 54F requires to deposit in CGAS on or before filling of return of Income to claim deduction under Respective sections.
But in present case investment was not made in accordance with above provisions & "Hence Deduction was wrongly claimed in ROI".
For Better understanding please read Section 54B & 54F with Section 139
26 August 2013
Dear Mr. Kumar, as already mentioned in my question, the date of deposit under CGAS is 27.07.2012, which is before the due date of filing the Return of Income of AY 2012-13. Hence, please give your opinion accordingly.
Prakash Kochar
(Expert)
26 August 2013
Mr. Kumar, land was sold on 31.12.2011 (AY12-13), amount is deposited on 27/07/2012, which is before due date u/s. 139(1)for submitting return.
Even otherwise Period u/s 139(1) read with sec. 139(4) is to be consider for limitation to claim exemption u/s 54F.You may ref. CIT VS MISS JAGRUTI AGRAWAL(2011) 339 ITR 610 (P&H-HC) and many other judgements on this issue. Time period for filling return for AY 2012-13 will be till 31.03.2014.
Even otherwise Period u/s 139(1) read with sec. 139(4) is to be consider for limitation to claim exemption u/s 54F.You may ref. CIT VS MISS JAGRUTI AGRAWAL(2011) 339 ITR 610 (P&H-HC) and many other judgements on this issue. Time period for filling return for AY 2012-13 will be till 31.03.2014.
29 August 2013
Dear Mr. Prakash Kochar, I would like to express my sincere thanks for the thoughtful reply to my query. Wishing you all the success and happiness.
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