I exited my startup as a co-founder in September 2025 after the company, which had raised funding in 2022, bought back/acquired my shares. I received around ₹2 crore, and the amount is subject to long-term capital gains (LTCG) tax.
Initially, I was advised that I could save tax by investing in a residential property. However, I couldn't finalize a property purchase before 31 March 2026. Later, someone told me that I could still claim the exemption if I either purchased the property or deposited the amount into the Capital Gains Account Scheme (CGAS) before the ITR filing due date (31 July 2026).
Now that 31 July 2026 is approaching, I have a few questions:
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Can I still purchase a residential property before 31 July 2026 and claim the LTCG exemption?
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Can I deposit the entire ₹2 crore (or the eligible amount) into the Capital Gains Account Scheme before the ITR filing due date and purchase the property later?
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If I buy a property worth ₹1 crore, can I deposit the remaining amount into the Capital Gains Account Scheme and still claim proportionate exemption?
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If none of the above is possible, are there any other legitimate options available now to reduce or defer the LTCG tax?
Assume I am otherwise eligible for the exemption (e.g., under Section 54F, if applicable). I'm looking for guidance on what options are still available at this stage.
CAclubindia
