Section 54 Relief Cannot Be Denied If Capital Gains Are Invested Before Filing Return u/s 139(4): Bangalore ITAT

Smt. Gurumurthappa Krishnamurthy Yashoda Vs DCIT (ITAT Bangalore) Bangalore ITAT: Section 54 Relief Cannot Be Denied If Capital Gains Are Invested Before Filing Return u/s 139(4) The Bangalore ITAT allowed the assessee’s claim for Section 54 exemption and held that capital gains invested in a new residential house before filing the return under Section 139(4) qualify for exemption even if the unutilized amount was not deposited in the Capital Gains Account Scheme before the due date under Section 139(1). The assessee had sold a residential property and earned capital gains of about ₹2.33 c...