Reg : Capital Gain
This query is : Resolved
Neha Sapra
(Querist)
31 August 2020
I had planned to purchase a new residential flat against the sale of my old residential flat,using the benefit of Section 54,viz,
“ Any long term capital gain from the sale of a residential property shall be exempt if such capital gain is invested in the PURCHASE of another residential property WITHIN ONE YEAR BEFORE or 2years after the transfer of the property sold”
My Case:
- New Flat : UDS Registration on18/04/2019
- For availing Sec54 benefit,I decided to sell and transfer my old flat (bought in 2006) before 17/04/2020. I had finalised the buyer in the first week of March 20,for registration on 15/04/2020.
- However,due to Covid 19 Lockdown, I could not carry out my registration in April 20.
-Now I am planning to register before 15 September 20.
My query:
- As Ministry of Finance,GOI,has issued a Notification on 24th June,2020, extending time limit to 30th September 2020,in respect of investment in capital gains under Sections 54 to 54GB, CAN I CLAIM THE BENEFIT UNDER SECTION 54 IN MY CASE?
“ Any long term capital gain from the sale of a residential property shall be exempt if such capital gain is invested in the PURCHASE of another residential property WITHIN ONE YEAR BEFORE or 2years after the transfer of the property sold”
My Case:
- New Flat : UDS Registration on18/04/2019
- For availing Sec54 benefit,I decided to sell and transfer my old flat (bought in 2006) before 17/04/2020. I had finalised the buyer in the first week of March 20,for registration on 15/04/2020.
- However,due to Covid 19 Lockdown, I could not carry out my registration in April 20.
-Now I am planning to register before 15 September 20.
My query:
- As Ministry of Finance,GOI,has issued a Notification on 24th June,2020, extending time limit to 30th September 2020,in respect of investment in capital gains under Sections 54 to 54GB, CAN I CLAIM THE BENEFIT UNDER SECTION 54 IN MY CASE?
31 August 2020
Yes. definitely possible. ..............
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