Sec. 54 exemption isn't available if assessee purchases new house after the due date prescribed u/s 139(1)

INCOME TAX: Deduction of long-term capital gain under section 54 is allowed if it is invested in purchase of new house property before actual date of filing of return under section 139(1); otherwise unutilised capital gain is to be deposited under Capital Gain Account Scheme; no deduction is allowable where capital gain is utilised after actual date under section 139(1), no matter it is invested within extended time of filing return under section 139(4)/(5)

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