Exemption from from LTGC revision of return u/s139(5)

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  1. Shelesh Gupta

    Shelesh Gupta New Member

    An assesse sold Urban Agr Land duly deposited requisite amount under CGAS and claimed exemption u/s 54 F and filed the return well in time that is also duly processed u/s 143(1). After some time he noticed that he by mistake claimed full exemption u/s 54F, whereas he is supposed to claim exemption party u/s 54F and partly u/s 54B, though the amount deposited in CGAS will be fully utilized for both purposes. Now my querry is whether the assessee can revie the ITR claiming the exemption u/s 54 F n 54 B as the time to file revised return u/s139(5) is not lapsed. However due to revision a petty amount of refund is due.
  2. V K Khanna

    V K Khanna Active Member

    Processing of return under 143(1)is only an intimation and not an assessment.

    You can seek revision of return u/s 139(5) and claim refund.
    ZED likes this.
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