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Capital Gain Taxation

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Sivaramaraju G

Learner

1307 Points Posted on 23 September 2020

Hi All,

Our client has sold a plot for Rs. 60L in 2018 and same has purchased in 2014 for 8L. he didn't file return for the a.y.2019-20 till now. we have a time up to sept 30th. how we can save tax?? can we made investment now in any house property to get deduction and same has not been deposited in capital gain account scheme with in 6months from the end of relevant financial year i.e. 30th sep 2019. if we made investment now can we get deduction??

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Quick Summary

A client sold a plot of land for Rs. 60 lakhs in 2018, having purchased it for Rs. 8 lakhs in 2014. They have not yet filed their return for the assessment year 2019-20, with a deadline of September 30th. The query is about saving capital gains tax, specifically whether investing in a house property now, after the deadline for depositing funds into the capital gains account scheme, would still allow for tax deductions.