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Availing 54f benefit but filing itr after 31-july

Tax queries 482 views 2 replies

Sirs,

A Client has sold Urban plot of land in June, 2012

Has an ownership flat.

from Sale proceeds of  urban land, investing Capital Gains in Capital Gain saving Account

in Nationalised bank before 31-July-2013, and taking benefit u/s. 54F for reinvesting in residential house/Flat. within 2 years.

But would be filing ITR after 31-July-2013 but certainly before 31-03-2014.

Hope he would not be denied  section 54F benefit, will he? Kindly advice.

Thanking you,

Valerian Dsouza

 

 

Replies (2)

No he will be not denied teh exmeption, as he has properly invested in CAGS on or before the due date of filing the return.

No worries he will get an Exemption U/S 54 F.


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