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

Share This Thread
  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.
Draft saved Draft deleted
Similar Threads Forum Date
Tax exemption package for employees Income Tax Apr 6, 2018
tax exemption for Medical Allowance Income Tax Apr 1, 2018
Regarding LTA Exemption Income Tax Mar 19, 2018
Interest exemption of home loan Income Tax Mar 2, 2018
exemption of income tax under section 10(26) Income Tax Feb 24, 2018