Good Morning.
An agri land was sold during Feb' 2019 and the seller has invested the capital gain in capital gains account scheme. The amount in CGAS ought to have utilised before Feb' 2021. However the seller was unable to buy agri land before Feb'2021. However the land was acquired during June 2021. Circular 12 of Income Tax Act gives relaxation for investment in capital assets beginning from Apr'2021. Is there any other notification providing such relaxation? What is the likely consequences of this?
CAclubindia
