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Failure to deposit capital gains amount exemption u/s.54

Tax queries 594 views 1 replies

Any one suggest me on the below situation:

Assessee claimed exemption u/s.54 in the A.Y. 2010-11 without depositing capital ganis amount in scheduled bank under Capital Gains Deposit Account Scheme before due date of filing the return u/s.139(1) . He filed return electronically so submission of Certificate of deposit is not required at that time. 

What are consequenses and alternatives for the assessee for failure to deposit the Capital Gains amount in Capital Gains Account Scheme at the present date?

 

Suggest me

Replies (1)

No other way. The basic condition was not fulfilled the entire amount is taxed 


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