Filing of return of income and claim of exemption
This query is : Resolved
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?
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?
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
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?
01 September 2012
Yes , he is eligible to take exemption.
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