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To take the benefit of section 54F, unutilized portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of tax under Section 139 as mentioned in section 54(2). Therefore, Section 139 cannot be confined only to the provisions of the Section 139(1), but it includes all the sub section of Section 139. In the case of DIPAL SURESHBHAI PATEL vs. INCOME TAX OFFICER. ITAT AHMEDABAD on Apr 15, 2021. Section 54F, 139, 143(3), 54(2). In favour of the assessee. Ca BPMUNDRA
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Section 54F, 139(4) ITAT, Jaipur on 6th march, 2020 Respectfully following the judgement of Jurisdictional High Court in the case of Shankar Lal Saini [2018] 89 taxmann.com 235(Raj) held that even amount deposited in Capital Gain Account Scheme before filing of return u/s 139(4) shall also be allowed for deduction as per provisions of sub- section 4 of section 54F of the Act. Smt. Renu Jain, New Delhi vs Ito. AY 2011-12
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On 26th Oct, 2018 INDORE TRIBUNAL held that if the assessee has already purchased a new house within the stipulated period and as such is entitled to the deduction u/s.54F even though the assessee failed to deposit entire sale consideration scheme of deposits in capital gains account on or before due date of filing its return of income.
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Assessee can fulfil the requirement of s. 54 of depositing the unutilised portion of the capital gain on sale of residential property in notified scheme upto the expiry of time-limit for filing return under s. 139(4). From a plain reading of sub-s. (2) of s. 54, it is clear that only s. 139 is mentioned in s. 54(2) in the context that the unutilised portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the income-tax under s. 139. Sec. 139 cannot be meant only as s. 139(1) but it means all sub-sections of s. 139.