Filing of return of income and claim of exemption

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Jivan (Querist)
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30 August 2012 Dear Expert,
An individual has income under Capital Gain from sale of agriculture land located in urban area IN FY 2011-12 (AY 2012-13). He has already invested Part of the capital gain in Capital Gain Deposit account scheme for purchase of agriculture land. On balance he is ready to pay Self assessment tax. Now due to some unavoidable circumstances he is not in a position to pay tax and file his IT Return within due date i.e. 31.08.2012. My question is if he files his return in the month of Sept-12 can he claim exemption under Capital Gain?

Subash Srinivasan

Subash Srinivasan (Expert)
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30 August 2012 he assessee have to deposit the amount under the Capital Gains Account Scheme before the due date for filing the return of income u/s.139(1). Then he can claim

Jivan

Jivan (Querist)
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30 August 2012 Sir, he has already deposited amount in capital gain deposit account in the month of June-12. Only payment of balance self assessment tax and filing of return is pending, which will take place in Sept-12. In this situation can he claim exemption?

Praveen Kumar Rathi

Praveen Kumar Rathi (Expert)
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01 September 2012 Yes , he is eligible to take exemption.

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