Menu
LTCG on non agri land and exemption under 54
Suppose an assessee sold a non agri land and make LTCG of 40 lkh (a.y 2021-22) and missed to file ITR and not paid any tax. If now he wish to file updated return, can he claim exemption under sec 54
Replies (7)
Quick Summary
No. Not eligible now.
And for a y. 2022-23 in same case
Only possible, if parked the sale consideration in CGAS account before 31.07.2022.
Not open CGAS ,,, but for individual assessee exemption under 54 is also available in case of belated ITR as per my little knowledge,,,,,,, But in case of ITR U I am still confused
It is trivial issue. The exemption u/s. 54F is available if you have parked the funds in the CG sav acc before the ITR filing date u/s. 139(1) IT act.
There are case laws favouring assesees when the compliece was not fulfilled, but for that you may have to appeal with higher authorit/ies. At ITO level you may be denied the exemption.
But In ITR I have to show only exemption under 54 , no disclosure about CGAS ,
Yes, Only final figures are filled, based on your calculation/s, details of which can be asked by ITD at any time before its processing.
Recent Topics :
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
Related Topics :
CAclubindia
