As we know due date for making investment u/s 54 to 54G or 80C was extended to 30.06.2020 by way of Ordinance dt. 31.03.2020. However the same was only for the investment which were due between 20.03.2020 to 29.06.2020.
There is a provision under section 54, 54F etc where if a person is unable to invest or purchase the new asset he/ she can deposit the amount in a special account under capital gain account scheme before the due date of filing his/ her return of income and claim exemption under the respective section.
Now, on 13.05.2020 our Hon’ble FM had announced various relief/ relaxations wherein the due date of all Income tax return was extended to 30.11.2020.
A question which will arise in the mind of people is whether we need to deposit the amount in capital gain account scheme till 31.07.2020 or 30.11.2020.
As per sub section 2 of section 54:
“The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette,”
Thus, from the above section it’s clear that the due date for deposit of amount under capital gain account scheme is the due date filing return u/s 139(1) and since now the due date for filing return u/s 139(1) has been extended to 30.11.2020 therefore the due date to deposit the amount to capital gain account scheme has also been extended to 30.11.2020.
Therefore if you have claimed any capital gain during FY 2019-20 you can use that amount and keep it in your personal account till 30.11.2020 and deposit it before 30.11.2020 to claim exemption.
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