if you cud specify which month in 1986
if it is FY 1985-1986 = capital gain is Rs 13,76,812
if it is FY 1986-87 = capital gain is Rs 13,82,971
Yes he should have filed the return - ITR 2 for capital gain.
I think still you can file the return online, i have filed return for the same FY for one of my client. other he needs to declare income IDS
your father is not eligible for capital gain exemption under section 54F as according to the section
1)Proceeds from Sale of Any Capital Asset used to Purchase a Residential Property.
Any Capital Gain arising either to an Individual or a HUF from the sale of any Long Term Capital Asset shall be exempt to tax if the entire sales proceeds and not only such Gain is invested in :
The Purchase of one residential property within 1 year before the date of sale or 2 years after the due date of transfer of the property sold or
Construction of a Residential House Property within a period of 3 years from the date of transfer.
2)he could have deposited in Capital Gain Account Scheme:
To claim exemption under section 54, the taxpayer should purchase another house within a period of one year before or two years after the date of transfer of old house or should construct another house within a period of three years from the date of transfer. If till the date of filing the return of income, the assesse is not in a position to purchase or construct another house, then the benefit of exemption can be availed by depositing the unutilised amount in Capital Gains Deposit Account Scheme in any branch of public sector bank, in accordance with Capital Gains Deposit Accounts Scheme, 1988
3) Section 54EC: Proceeds from Sale of Any Capital Asset used to Purchase a Specified Bonds.
Capital Gains arising from sale of any Long Term Capital Asset are exempt under section 54EC if the assesse has within a period of 6 months from the date of transfer invested the gains in Long Term specified bonds as notified by the Govt. for a minimum period of 3 years.