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Section 54/54F exemption cannot be denied if amount been invested within time allowed u/s 139(4)
Case Law Details
- Case Name
- Y. Malarvizhi Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Chennai
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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...
