2006 (8) TMI 126 - HC - Income Tax

Benefit under section 54 - sale of house property - "Whether, assessee was entitled to claim benefit under section 54 of the Income-tax Act, 1961, on the entire amount received by him on account of sale of his house property?" - - From a plain reading of s.s. (2) of section 54 it is clear that only section 139, is mentioned in section 54(2) in the context that the unutilised portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the Income-tax u/s 139 - it is the case of the assessee that the respondent/assessee could fulfil the requirement u/s 54 for exemption of the capital gain from being charged to income-tax on the sale of property used for residence up to March 30, 1998, inasmuch as the return of income-tax for the assessment year 1997-98 could be furnished before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment whichever is earlier under sub-section (4) of section 139 - we answer the question formulated in the present case in positive