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 :
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
- Company data for software
- Car purchase to be eligible for ITC
- GST Refund on payment to builder
- TDS u/s 194Q on electricity supply by DHBVN etc.
- Subject: Can I Apply for Fresh GST Registration on
- Additional place in GST RC
- Company 3 months old, INC-20A not filed, all 3 of
- How do I choose the Best GST Lawyers in New Delhi
Related Topics :
CAclubindia
