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Section 54 deduction

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18 January 2013 date of sale 29th jan 2009 & date of deposit in capital gain account 18/09/2009. if it is long term property but return is not filled till today then is total capital gain exempt u/s 54 if i filled return today for a.y. 2009-10 paying penalty
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CA Neha Chauhan

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CA Neha Chauhan (Expert)
19 January 2013 First of all dear you can not file return for A.Y: 2009-10 as the period for filing return for A.Y: 2009-10 is already expired... so you have to wait for notice from department to file return...and in spite you recd the notice you can not claim deduction u/s 54 as you have to deposit the gain before due date of filing of return u/s 139(1).

Regards,
Neha Chauhan
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