Capital gain - return filing 139(1)


hariharan (Auditing)     14 August 2019

hariharan
Auditing 
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My Client sell the Residential Property on .28.02.2019.  Capital Gain amounting of Rs. 12 Lakhs. He desire to purchase the residential house with in one year  which is  Greater than the amount of Capital Gain My Query:

1.Is mandatory to file Income tax Return with in 31.08.2019 he has no other income exclude the above

2.Or file return of income in the next F.Y 2019-20 after purchasing of property

3. Is he required to invest in Capital Account Scheme? and is eligible claim u/s 54?

Please suggest. Thanks in advance.

avater

Kapadia Pravin   14 August 2019

Kapadia Pravin

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Return must before 31.08.2019
Before return filing deposit capital gain amount in Capital Gain Account Scheme with your bank. This is must to get deduction u/s 54

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