Capital gains investment

- The due date for filing ITR for the F.Y. 2019-20 has been extended till 30.11.2020. You can open CGAS till 30.11.2020. For purchase of flat, time limit for reinvestment is 2 years from the date of transfer i.e. August 2021 so you can keep it accordingly.

Hi

Since date of return filing for FY 19-20 has been extended to 30 Nov 21. So the last date to deposit in CGDS would be 30 Nov 21 or date of return filing, whichever is earlier.

You may invest in a residential house property by August 2021 or construct a residential house property by August 2022.

Dear Sir,

Hope you are doing well !!

It is required to deposit such unutilised capital gain in the capital gains account before furnishing return of income but not beyond due date for furnishing return of income 

I.e.. on or before 30th November 2020.

if you do not get a chance to invest in a profitable property immediately and still want to save your long-term gains from being taxed, you can invest your capital gains in CGDAS by approaching any public sector bank. The timeframe for the purchase or construction of the property remains unchanged in this case as well. But you can utilise this account momentarily so that you save your gains from being taxed and have more time to finalise a property for reinvestment.

The due date to deposit the amount in capital gain account scheme is 30th Nov. The amount should be utilised to purchase a new house within  from the date of transfer of original house(i.e. Aug 19) or in construction within 3 years from three years from the date of sale.

You can open the account till 30.11.2020

You need to purchase a new house till August 2021.

Hello,

You can open and deposit the capital gain amount in the CGAS up to the due date of filing of return which has been extended for F.Y. 2019-20 uptill 30th Nov. 2020.

You have two years from the date of sale of the old house for purchasing the new flat for exemption.

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani