Hi friends,
Can we claim exemption under section 54( sale of 1 resedential house property & purchasing another resedential house property) even if we fail to file return u/s 139(1)??
Thank you..
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Capital Gain Exemtion u/s 54
Replies (3)
Dear Gaurav,
Yes it is not mandatory to file return for claiming exemption u/s 54 provided option of Capital Gain Scheme is not utilized, since if assessee is depositing money in capital gain scheme then he is required to submit the proof along with the return..
I know that now the return filing is made paper less but then section says this thing......
Mr.Gourav
Agree with Mr.Amir
Sec 54 says that transfer of one Res.HP and Pur / Const. of another Res.HP, i don't think it fixes any time limit for filing of return....but it is always good to file the return in time....
hope you understand what i say.....
Amir is correct. Filing of return not mandatory for claiming sec.54 exemption. Section does not spell out this requirement.
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