Income not shown in ITR

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An individual earned Long Term Capital Gains (LTCG) in AY 2021-22 and purchased a property to claim a deduction under Section 54F. However, these transactions were not declared in their Income Tax Return (ITR) for that year. Now, facing scrutiny under Section 143(2), the assessee is seeking advice on whether they can still claim the Section 54F deduction during the assessment proceedings. Guidance suggests that claiming the deduction at the assessment stage may be possible.

RAJESH GUPTA

RAJESH GUPTA (Querist)
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18 March 2024 Sir
Assessee earned a LTCG in the AY 2021-22, purchased property to claimed deduction U/s 54-F. However all these transactions had not been shown in his ITR for AY 2021-22. Now there is scrutiny proceeding U/s 143(2). During course of assessment proceedings can assessee claim the benifit of 54F. Please advise

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 March 2024 this article may help you - https://database.taxsutra.com/articles/dccd01188bee37a836c51cc7aeab15/expert_article#:~:text=An%20assessee%20is%20entitled%20to,course%20of%20the%20assessment%20proceedings.