Section 54 exemption for amount deposited in Capital Gain Account Scheme by section 139(4) Due date

CIT vs. MS. Jagriti Aggarwal (Punjab and Haryana High Court) Read the Punjab and Haryana High Court’s decision in CIT vs. Ms. Jagriti Aggarwal on Section 54 claim under the Income Tax Act. Legal insights provided. The assessee sold her house property for Rs. 45 lacs and claimed deduction under Section 54 of the Income Tax Act, 1961 (for short ‘the Act’). The assessee was served with a notice under Section 142(1) of the Act, as to why the amount deducted be not added to her income as long term capital gain, as the assessee failed to deposit the amount in Capital Gain Account Scheme an...