9911796707
TMI Blog2019 (5) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... or not on the investment of capital gain in purchase of a flat. 3. With the assistance of the ld.representatives, I have gone through the record carefully. It emerges out from the record that the assessee has filed her return of income electronically on 6.7.2013 declaring total income at Rs. 278/-. Her case was selected for scrutiny assessment and notice under section 143(2) of the Act was issued and served upon the assessee. Scrutiny of the accounts, it revealed to the AO that the assessee was having 1/8th share in a property at Patidar Society, C.G.Road, Ahmedabad. She has sold her 1/8th share on 25.2.2013 for a sum of Rs. 90.00 lakhs. She invested Rs. 80 lakhs on 3.7.2013 in Bank of Baroda under capital gain account scheme as per sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce she has not deposited the sale consideration in a capital account before the due date of filing of return under section 139(1) of the Act, therefore, she cannot claim exemption as contemplated under section 54F(4). In other words, according to the AO, benefit of section 54F should be available to the assessee, if she had purchased new residential flat within one year before the sale of house or two years after the sale, but in such condition she has to make deposit of consideration/capital gain in a bank account maintained under the capital gains cheme. She failed to make such deposits before the date of filing of return, therefore, she is not entitled for exemption under section 54F. Before me, the ld.counsel for the assessee made refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said account. If the intention is not to retain cash but to invest in construction or any purchase of the property and if such investment is made within the period stipulated therein, then Section 54F(4) is not at all attracted and therefore the contention that the assessee has not deposited the amount in the Bank account as stipulated and therefore, he is not entitled to the benefit even though he has invested the money in construction is also not correct." 6.3 In the present case, the assessee purchased new asset on 05/10/2009 and had transferred the original asset on 8/01/2008. As per Section 54F (1) of the Act, the exemption would be available if the assessee purchased the residential house within two years after the date when tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
