Section 54/54F exemption cannot be denied if amount been invested within time allowed u/s 139(4)

Y. Malarvizhi Vs ITO (ITAT Chennai) ITAT Chennai rules on exemption u/s.54/54F for residential property purchase; ‘due date’ clarified as extended under Section 139(4) of the Income Tax Act. So far as the time lime for assessee to invest the amount of Capital gains in purchase /construction of new residential asset or investment in Capital Gains Scheme, u/s.54(2)/54F(4) is concerned, it has been affirmed by the Hon’ble High Courts that the ‘due date’ refers to extended ‘due date’ under sub-section (4) of Section 139 of the Act. FULL TEXT OF THE ORDER OF ITAT CHENNAI The p...