Is benefit of Section 54F available if Return not filed?

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  1. Avkash Sharma

    Avkash Sharma New Member

    Sir ,
    My assessee sold some properties and invested net consideration in the construction of residential house within three years as specified in section but neither he filed return of income nor deposited money under capital gain account. Now return has been filed as notice issued u/s 148 on him. My query is that whether exemption u/s 54 is available to him ?
    CA Avkash Sharma
     
  2. Amit Sahni

    Amit Sahni Active Member

    I think the exemption under Section 54F would be available.

    Not sure though...
     
  3. Avkash Sharma

    Avkash Sharma New Member

    Amitji , I think so but AO asked me to give its reply and I am not getting full proof material . Waiting for guidance with sound material
    Regards Avkash Sharma
     
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