Please give your valued opinion
That the assessee opted and has also utilise the money in construction of house by 31/07/2014 , for the A.Y 14-15 infact he purchased the land and for construction engage the constructor and paid the full amount before 31/07/2014 ,Therefore he is not required to keep the money in special deposit account of bank .He filed the return for A.Y 14-15 on 26/09/2014 being a belated return . Now due to emergency he is changing his decision. Now he desired to sale out the plot and cancel the builder agreement by taking back the amount given to him and he will be coming out of the taking exemption u/s 54 F and in a term desires to pay capital gain and interest thereon by revising the return on or before 31/12/14 .The original return is late and lawfully cannot be revised. But as per the provision of Sec 48 and onwards if the assessee is not able to fulfill the conditions of Sec 54F then he can pay the tax and int in the year of default. This in view of these provisions, to seek your opinion that if the assessee do the same by 31/12/14 then he is eligible to do it. Kindly give your valued opinion.
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