Extension of time for deposit of capital gains in the Capital Gains Accounts Scheme, 1988

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..... : Extension of time for deposit of capital gains in the Capital Gains Accounts Scheme, 1988. Under sections 54, 54B, 54D, 54F and 54G of the Income-tax Act, 1961, the capital gains earned by a taxpayer from the transfer of long-term capital asset is exempt from tax if the taxpayer complies with certain conditions. Under section 54(1), the capital gains arising from the transfer of a residentia .....

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..... ccordance with the Scheme framed by the Central Government for this purpose. A provision similar to sub-section (2) of section 54 was incorporated in sections 54B, 54D, 54F and 54G of the Income-tax Act, 1961, by the Finance Act, 1987. The Capital Gains Accounts Scheme, 1988, was notified in the Official Gazette on the 22nd of June, 1988. The Scheme applies to sections 54, 54B, 54D, 54F and 54G of .....

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..... ng of the return of income has been extended up to the 31st of July, 1988. In cases, where the due date of furnishing the return of income is 30th of June, the time limit for the deposit and the due date for the furnish of income has been extended up to the 31st of July, 1988, no penalty and interest should be levied and the deposit itself will be treated as having been made in time and the conces .....

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