The document discusses three main topics: 1. A High Court ruling that allows claiming a capital gains tax exemption under Section 54F even if the investment in a new house property is done before the tax return filing due date. 2. Changes to taxes affecting the real estate sector in the Union Budget 2013, including deductions for affordable housing and interest on home loans. 3. An extension of the filing date for the ST3 sales tax return for the second quarter of fiscal year 2012-2013.

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NEWS FLASH
APRIL 2013

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Contents
CAPITAL GAIN EXEMPT UNDER SECTION 54F, EVEN IF THE INVESTMENT IN NEW HOUSE PROPERTY IS
DONE BEFORE DUE DATE U/S 139(4) __________________________________________________________________________ 2
IN BRIEF................................................................................................................................................................................................................ 2
HIGH COURT RULING ........................................................................................................................................................................................ 2
OUR VIEW:........................................................................................................................................................................................................... 3
REAL ESTATE SECTOR AND UNION BUDGET 2013 ____________________________________________________________ 4
INDIRECT TAX ...................................................................................................................................................................................................... 4
DIRECT TAX ......................................................................................................................................................................................................... 4
ADDITIONAL DEDUCTION OF ₹ 1 LAKH U/S 80EE ..................................................................................................................................... 5
ST3 FILING DATE EXTENDED FOR Q2 2012-13 ________________________________________________________________ 6
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Capital Gain exempt under section 54F, even if the investment in new
house property is done before due date u/s 139(4)
1 ITA No. 71 of 2012 (O&M) dated 20.03.13 for A.Y. 2007-08
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2 339 ITR 610 (P&H) 3 286 ITR 274 (Kar)
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Real Estate Sector and Union Budget 2013
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Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 4

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Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 5

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ST3 filing date extended for Q2 2012-13
Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 6

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