What is the last date to file a belated return for AY 2026-27?

A belated return under Section 139(4) can generally be filed up to 31 December 2026, unless extended. It attracts a late fee under Section 234F and interest under Section 234A on unpaid tax.

Is there a penalty for filing a revised return?

No. Revising under Section 139(5) to correct a genuine mistake carries no penalty, provided your original return was filed on time. You can revise multiple times within the window.

Can I carry forward losses if I file late?

Generally no. Most losses — business and capital — cannot be carried forward if you file after the due date. This is one of the most expensive consequences of a belated return.

How many times can I revise my return?

As many times as needed within the revision window. The last validly filed and e-verified return stands. Always quote the original acknowledgement details when revising.

What if both the belated and revised windows have closed?

You may be able to file an updated return (ITR-U) under Section 139(8A) on payment of additional tax. It cannot be used to claim a refund or increase a loss, and the extra tax rises the later you file.

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Income Tax· Updated Aug 2026· 8 min read· By CA Sumit Chandwani· §139(4) / §139(5)

Capital Gains on Selling Property: The 12.5% Rule and the Exemptions That Matter

Property gains changed in July 2024: a flat 12.5% without indexation, with an either-or option for older purchases. The exemptions still do the heavy lifting — if the deadlines are respected.

Missed 31 July? Belated & Revised Returns Under Section 139(4) & 139(5) AY 2026-27

TL;DR

Rate: 12.5% no indexation (post-23 Jul 2024); pre-purchase grandfathering: lower of 12.5%/20%+idx.

Exemptions: 54 (house→house), 54F (asset→house), 54EC (₹50L bonds).

Deadline: CGAS deposit before ITR due date.

How property gains are taxed now

Holding more than 24 months makes it long-term; less is short-term at slab rates.
For transfers on or after 23 July 2024, LTCG on property is taxed at 12.5% without indexation. Resident individuals and HUFs who bought before that date can compute both ways — 12.5% without indexation or 20% with — and pay the lower.
The buyer must deduct TDS at 1% under section 194-IA when consideration is ₹50 lakh or more; NRI sellers face higher TDS under section 195.

Exemptions that can cut the tax to zero

Section 54: reinvest the gain from a residential house into another — bought within 2 years (built within 3), or one year before the sale.
Section 54F: selling any other long-term asset and investing the full proceeds in one residential house.
Section 54EC: up to ₹50 lakh into NHAI/REC-type bonds within 6 months, five-year lock-in.
Unutilised amounts must sit in a Capital Gains Account Scheme deposit before the ITR due date to keep the claim alive.

Where sellers slip

Using the registry value when stamp-duty value is higher — section 50C substitutes the stamp value beyond a 10% tolerance.
Forgetting improvement costs and transfer expenses that legitimately reduce the gain.
Missing the CGAS deposit deadline and losing an otherwise-available 54/54F claim.
Reporting in the wrong ITR — property gains need ITR-2 or ITR-3, never ITR-1.