u/unsure_hai

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FY20-21*******

Facts of the case (FY 2021-22):

Assessee sold long-term listed equity shares.

Sale consideration: ₹1.30 crore

Long Term Capital Gain: ₹24 lakh

Instead of buying a residential house, he deposited only ₹24 lakh (the gain amount) in Capital Gains Account Scheme.

He wrongly claimed full exemption under Section 54F, showing taxable LTCG as ₹0 in the ITR.

The CGAS amount was not utilized for purchase/construction of a residential house within the stipulated time.

After the 3-year period expired, the unutilized ₹24 lakh was offered as taxable LTCG in the subsequent year's return of income.

Now, when getting form G, it's noticed by the assessee that to claim 54F, should have invested full sale consideration, but only invested CG and claimed full exemption (instead of proportion)

Now, how to proceed with the issue, the time for an updated return has already passed, it's not a mistake that is apparent from record but of interpretation of law so rectification request is not a good approach.

What options are there?

Thanks in advance.

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