Tax on capital gain for property sale

This query is : Resolved

ankur jain (Querist)
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13 April 2020 Hi

I have sold one property in 2019 nov. Bought new property in march but due to lockdown cannot register the property.

So should i put the remaining amount in capital gain account as cannot register the property or is there anyway i can delay registery due to lockdown and let money in my personal bank account.

As i dont want to put money in capital gain account and register property once lockdown os over and court is open.

Thanks

swasti

swasti (Expert)
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14 April 2020 According to the Ordinance passed on 31.03.2020 -

"The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to 30th June 2020. Therefore, the investment/ construction/ purchase made up to 30.06.2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20."

Hope this gives a solution for your problem.

Soumitra Basu

Soumitra Basu (Expert)
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15 April 2020 Investment can be made upto March, 2021 for availing benefit under section 54.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 November 2021 Even otherwise, as per section 54, time limit to purchase new property is 2 years, while deposit of CG amount in CGAS, 1988 is before filing of the return. So, no need to worry, if the amount is paid till filing of return.