DEAR SIRS, I want to clear my case here: My uncle sold N.A land of Rs.6 crores as on 27 june,2011.He had neither paid capital gain tax nor filed income tax return u/s139 within due date. He also failed to re- invest money in residential property.and not deposited money in capital Gain account scheme. Now IT department have sent notice u/s 133(6) requiring to produce the information. The only way to claim exemption U/s 54F is that he must purchase plot of land and construct a house within 4 months( i.e. 3 years from the date of transfer of property) LAST DATE 27/06/2014. So as per law the taxpayer shall made deposit before furnishing the return of income or due date of furnishing the return of income u/s139(1) i.e. 31 july,2012 whichever is earlier. I am still confused.
IS IT MANDATORY TO DEPOSIT MONEY IN CGAS SCHEME?
CAN MY UNCLE CLAIM EXEMPTION U/S54 F DURING REMAINING PERIOD OF 4 MONTHS EVENTHOUGH HE FAILS TO PARK MONEY IN CGAS?