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Capital Gain Exemption

Tax queries 235 views 2 replies

Agar mera client june 2019 me ek property liya tha and av ek property sale kr raha hai aug 2020 me toh capital gain jo hoga av wala me wo adjust ho jayega kya pehle wala purchase me (since 1 year has passed) ye notification ke chalte ?

 

The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

Replies (2)
There will be no capital gain in FY 19-20
Capital Gain is arise at time of sale of property, as You sold your property in 2020-21, it's taxable as Capital Gain in F.Y 2020-21.

Property is residential property or other than residential ?... clarify...


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