Investment of Capital Gain During the Covid Period

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VIPIN GUPTA (Querist)
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26 November 2022 Dear Sir one of our client has sold the plot on 29/04/2019 and after that he has deposited the sale proceed in capital gain account on 09/09/2020 he purchased a plot of land but could not construct a house on it due to covid restrictions. our total Three years expire on 28/04/2022. My Query is can he take the benefit of Supreme Court judgment on MISCELLANEOUS APPLICATION NO. 21 OF 2022. As per the judgment will the period of 15/03/2020 to 28/02/2022 be excluded from the period of Three year or we will not be covered with this judgment. Or do we have any other remedy. Is there any department circular dealing with this limitation period

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 November 2022 Though the judgement do not directly relate extension of period in your case, but you could have asked for condonation for extension of time period with CIT.
Secondly judgement stated extension of just 90 days when the time limit got expired after 28.02.2022, the same is also against your plea, so getting any permission for extension of time limit in your case is rare, still you can file application.

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