Hello,
If an assessee has invested the amount of sale of asset in Capital Gain Account Scheme and the period of 2 years is going to be ended let's say on 31/08/2020 so if before the due date he enters into sale agreement with someone for purchase of new property is he still able to claim the exemption by just entering into an agreement?
Also wanted to know that whether the last day would be 2 years from sale (i.e. 31/08/2020) or will it be end of FY i.e. 31/03/2020?
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Exemption u/s 54 for Capital Gain
Replies (4)
Quick Summary
Hlo, According to law, a residental house should be purchased within 2 year after the date of transfer otherwise balance amount in capital gain account will be taxable.
Last date calculated from the date of transfer. So here it will be 31/08/2020.
However due to this current Uncontrollable situation due to covid, we can expect relaxation from govt.
Last date calculated from the date of transfer. So here it will be 31/08/2020.
However due to this current Uncontrollable situation due to covid, we can expect relaxation from govt.
Thank you @ David, can you also tell me about that sale agreement part?
Hlo, by entering into an agreement will not constitute exemption.. If payment is made, then you can avail the benefit.
Thank you again for the solution.
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