If Asset was sold on 30.3.18
and specified asset was purchased on 5.8.18
(after due date of ROI which was 31.7)
will exemption be allowed or not?
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Capital Gains exemption (54EC and EE)
Replies (16)
if the capital gains on sale if long term capital asset cannot be utilized on it before due date of return of income then it need to be deposited in capital gains account bank with specified Bank.
from ty your question it is not clear what type of asset is sold
from ty your question it is not clear what type of asset is sold
Assume that my question satisfies all conditions under 54EC/EE
My doubt is just regarding the date.
My doubt is just regarding the date.
if you had not deposited in capital gains account scheme before due date if return then you will be liable to pay check tax @ 20%
for claiming deduction under 54ec, the capital gains amount required to be deposited in the specified assets with in 6 months from the date of sale of original asset. in your case since you have deposited within 6 months, you are eligible to claim deduction under 54ec
There is no requirement to deposit amount in Capital Gain account scheme on due date of ROI?
for 54ec deduction, there's no requirement to deposit in cgas
but AMT not invested in bonds before due date of return. so I don't think exemption can be claimed
there's no precondition that the amount should be invested in CGAS account before filing ITR
not in CGAS. but AMT not invested in 54EC bonds before due date of filing return. so exemption can't be claimed this is what I think
Vedant Kanna, Condition is to ensure that gain proceeds are invested in 6 months of sale. In the case, assessed had invested within 6 months time as per section 54EC. Other logical that needs to be looked in, is that all. Supporting documents for claiming deduction and expemtion should be available. In the given case, it is not available. So you cant claim. If you want to claim, file belated return or plan your investments accordingly.
But Investment is made within 6 months only right?
Is it possible that assessee had already filed ROI on/before due date without claiming exemption and now since he has made this investment he can file a revised return claiming such exemption?
Is it possible that assessee had already filed ROI on/before due date without claiming exemption and now since he has made this investment he can file a revised return claiming such exemption?
Revise IT can be filed only if there is omission or wrong statement. In your case, both omission or wrong statement is not there. So, you cannot file revised IT.
https://www.financialexpress.com/money/income-tax-ltcg-not-invested-in-bonds-us-54ec-by-itr-filing-date-has-to-be-deposited-in-cgas-bank/1082260/
But sir i have read that CGAS scheme is not applicable for exemption u/s 54EC
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