Section 54 as per interim budget 2019
This query is : Resolved
02 February 2019
If an assessee has sold residential house property in the year 2017 and has bought a new residential flat in the same year and deposited the balance amount of LTCG amount in a Capital Gains bank account, the amount of gains was Rs. 1.50 crores; can the assessee purchase a second residential flat for the amount remaining unutilised in the capital gains bank account after April 2019 within 2 years of the sale of the residential house? Kindly suggest as per the amendment proposed under section 54 of the Income Tax Act by Interim Budget 2019.
02 February 2019
Apparently NO because capital gain has to be computed in 2017 where as the
amendment is w.e.f 1.4.2020.
amendment is w.e.f 1.4.2020.
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