No Capital Gain(Last Date to investment For claiming exemption u/s 54)

       Last Date to investment For claiming exemption u/s 54 


The assessee can make investment to claim exemption u/s 54 of the Income Tax Act till the date of filing belated return u/s139(4) because section 54(2) provides for an interesting proposition that the amount of capital gains which is not appropriated by the assessee for prescribed purposes within one year before; or on or before the due date of filing of return of income under section 139, shall be deposited in the capital gains account scheme. It needs to be emphasized that the literal reading of section 54(2) provides for the two dates i.e. the due date under section 139 and the due date under section 139(1). Pertinently, section 139 cannot be said to mean only section 139(1), but it means all sub-sections of section 139. –ITAT Mumbai, ITA No. 1885/Mum/2017.

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