Decuction u/s 54, for a belated return
Dipti Sharma (23 Points)
25 December 2019Dipti Sharma (23 Points)
25 December 2019
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 25 December 2019
He may file the belated return in Feb 2020.
But the point is in order to claim benefit U/s 54 he should have appropriated the capital gain (either purchase or construction) before he files a return U/s 139 (even a belated return)
Such amount which is unappropriated must be deposited in a bank or institution (specified under scheme).But this should be done with time limit mentioned U/s 139(1).i.e 31st July or 30th September (If he is liable for Tax Audit) or such time limit as extended by Notification in this regard.
Such proof of deposit shall also be submitted along with I.T.R.
Kapadia Pravin
(17249 Points)
Replied 25 December 2019
Kapadia Pravin
(17249 Points)
Replied 26 December 2019
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