if an assessee does not deposit unutilised capital gain amount into capital gain scheme account before due date and wants to deposit after due date can he claim exemption under income tax act
S. Jamali (Director Roshan Akauntax Limited) (70 Points)
21 December 2012if an assessee does not deposit unutilised capital gain amount into capital gain scheme account before due date and wants to deposit after due date can he claim exemption under income tax act
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 21 December 2012
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 21 December 2012
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 21 December 2012
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 22 December 2012
he will not enjoyed exemption if he deosits the amount after the due date of filling the return
CA Aditya Lahoti
(Chartered Accountant)
(380 Points)
Replied 22 December 2012
agree wit all above...
Akshaydeep Tarachand Dhoot
(Account and Audit Assistant)
(33 Points)
Replied 24 December 2012
Fully agree with above comments......
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 24 December 2012
| Originally posted by : Bhargav Nathwani | ||
 |
Agree With Above.. He can not get benefit after depositing CG amount..! |
 |
S. Jamali
(Director Roshan Akauntax Limited)
(70 Points)
Replied 24 December 2012
FROM MY POINT OF VIEW HE WILL GET THE EXEMPTION AS PER CASE LAW Nipun Mehrotra v. ACIT,(2008) 110 ITD 520
SUGGEST ME AFTER CONSIDERING THE CASE LAW
work is worship
(Service)
(2728 Points)
Replied 25 December 2012
Yes as per the case law Nipun Mehrotra v. ACIT, the assessee can claim exemption though the basis on which judgement is made is not very clear and also till now no further clarification or amendment has come in the ACT.
You can read the attach link which explains the full section and is very clear
.https://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/message/47162
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 25 December 2012
Dear Sir,
In case the amount is not deposited within the due date under section 139(1), the exemption can not be claimed by merely depositing the amount in the capital gain scheme account. However if it is utilised later within time limit, exemption can be claimed.
Kindly consider the case law of CIT v Rajesh Kumar Jalan (2006) Gauhati High Court on which the decision quoted by you is based.
In case any further discussion is required, kindly write to me on ganatraneil @ gmail.com or call me on 09909281384. I'll be happy to reply.
Thanks.
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