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Q. > Please Help: Capital Gain for exemption 54 F
A assessee sold his land 0n 1-9-11 and purchase a residential house on 01-03-12,he is eligible for deduction of 54F beacuse he earned LTCG and whole amount of considration invest in new residential property,but he did not filled his return for FY 2011-12 and above, on the ground his income is below exemption limit now he want to know his decision is right or wrong .
is A.O have any power for decline 54 F exemption on the ground of non filling of income tax return.
can assessee file income tax return for F Y 2011-12 today.
for exemption 54 f return filling is compulosry then other income is below basic exemption limit.
plz provide full details with sec and supporting case law
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