Clarification on capital gains tax applicability
This query is : Resolved
ASHOK KUMAR
(Querist)
24 July 2021
I have an ancestral property which I wish to sell. In order to save the capital gains tax I have purchased a flat in Sept 2020 in anticipation of the sale to be completed in one year.
Due to Covid the sale of my property is taking time, and I am afraid that the sale may be delayed beyond Sept 2021, and I may not be able to take advantage of the capital gains tax savings.
Since the delay of sale of my property is because of Covid 19, can the limit of one year from the date of purchase of a property,be extended for sale of property to claim the capital gains tax.
I will be glad to have the experts advise on this at the earliest.
Thanks and regards
Ashok Kumar
Due to Covid the sale of my property is taking time, and I am afraid that the sale may be delayed beyond Sept 2021, and I may not be able to take advantage of the capital gains tax savings.
Since the delay of sale of my property is because of Covid 19, can the limit of one year from the date of purchase of a property,be extended for sale of property to claim the capital gains tax.
I will be glad to have the experts advise on this at the earliest.
Thanks and regards
Ashok Kumar
CA R SEETHARAMAN
(Expert)
24 July 2021
No extension for such sale of property.
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