Capital Gain Exemption

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.

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Quick Summary
This discussion clarifies capital gains tax implications for property sales, specifically addressing the rollover benefit. It explains that capital gains arise at the time of sale, meaning a property sold in August 2020 would be taxable in FY 2020-21. Importantly, the deadline for making investments or purchases to claim capital gains tax exemption under Sections 54 to 54GB of the IT Act has been extended to 30th September 2020, making investments made by this date eligible for deduction.

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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