related to the long term capital gain & reinvestments

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CA Manoj Pokharana (Querist)

02 July 2009 Mr. x sold the land on 10.03.2007 for Rs.8250000 /-. The said land was acquired on 25th may 1995 for Rs.86,750/- .on 07.08.2007 Rs.8100000 was invested towards new residential property return of income for a.y. 2007-08 was filed on 24th sept 2007. what are the capital gain consequenses ?

Ratan Sharma

Ratan Sharma (Expert)

02 July 2009 Hi Manoj,
As per sec. 54F(4) if the net consideration is not invested/ deposited before the date of furnishing return of income or before the due date u/s. 139(1) then the deduction will not be allowed u/s. 54F. What was the due date of filing return of income in your case whether 31st july or 31st oct.?
Dear Manoj, in the A.Y. 2007-08, the old saral forms was replaced by new ITR forms and therefore the CBDT has extended due date of filing returns upto 29 feb 2008 for certain category of assessee. See whether you can take the benefit of the same. For more clarification mail me at ratansharma123@rediffmail.com

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

02 July 2009 If the return is filed u/s 139(4)also,benefit of section 54F can be enjoyed.

Citation:- Nipun Mehrotra Vs.ACIT (2008)110 ITD 520 (Bang.)

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