Sec. 54 - capital gains - query

Yes. He can take the exemption of section 54 on capital gains arising on sale of house property by purchasing another house property.

Whereas gain / loss on sale of car will not be considered for the above exemption.

Regards,

Devendra Kulkarni

Sir,

1st thing... If the belated return was not filed till 1 year after the end of relevant A.Y ... the assessee can no longer file the return...

Secondly,... if the assessee has not purchased another house withing the due date of filing return, he has to deposit the amount of capital gain in a separate capital gain bank a/c maintained for this purpose to avail benefit of sec 54  .... In case he has not fulfilled the requirement , he can no longer avail such benefit..

3rdly.. no benefit on purchase of car....

CAR IS PERSONAL ASSET SO IT NOT COME IN CAPITAL GAIN

RETURN FILLING IS NOT MANDATORY BUT UPTO DUE DATE OF FILLING OF RETURN INVESTMENT IS MANDATORY