Deduction u/s 54F may be claimed for deposits in capital gain scheme made up to date of return u/s 139(4)

Brief of the Case

ITAT Chandigarh held In the case of ACIT vs. Ms. Harjinder Dhiman that time limit for deposit in capital gains scheme is to be taken as due date of filing of return of income u/s 139(4). In the instant case, the sale proceeds were deposited in the capital gains scheme on 05.02.2009 which is well before the date of filing of return u/s 139(4) and so the appellant has not violated this condition. Hence, it is held that the sale proceeds were deposited within time limit in the capital gain scheme. Hence exemption u/s 54F is allowed.

Facts of the Case

ITA 148/2013 (Departmental Appeal)

 Loss on shares/securities held in PMS

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