Can I get tax exemption by investing only capital gain tax in two properties

Hi

You may invest in a residential house property upto March 22. In case the investment is not made till actual date of return filing or due date of return filing, whichever is earlier, the deposit into CGDS is to be made.

Since the date is extended for return filing and you're filing your return on, say 30 Nov, you may deposit in CGDS account before 30 Nov.

If return is filed before, deposit has to be made before that.

You may invest in 2 properties provided your capital gains are less than 2 crores and you have sold a residential house property.

Hi

You Can invest in property till March 22.& if you want open CGAS Account open it date of return file or Nov 2020 whichever is ealier.

Yes you can invest in two properties.

1.As you have not mentioned the nature of property sold i.e. land, house property, commercial property, assuming property sold is residential house property.

2. It seems that you are interested to save capital gain tax and interested for reinvestment to avail exemption.

3. You can purchase the residential house property within 2 years or construct within 3 years from the date of transfer. If you are not able to invest before the filing of ITR i.e. 30.11.2020, open CGAS and avail the exemption. Yes, you can invest in two residential house properties if the capital gain amount does not exceeds Rs.2 crore. It is a one time opportunity.

4. You have not shared details like cost of acquisition, year of purchase, whether property is in your name or joint property, whether you will be interested to invest singly or jointly. TDS will also be deducted if the value of property is more than Rs. 50 lacs

There are many intricacies involved in deriving capital gain of immovable property and its wise planning. For detailed discussion, you may avail phone consultation. 

Its November 2020.

You can purchase new property till March 2022 or construct till March 2023.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Dear Sir,

Hope you are doing well !!

-Its Nov 2020.

-Yes, Section 54 benefit increased from one residential house to two residential house for a taxpayer having capital gains up to Rs. 2 Crore.This exemption will be allowed once in lifetime of the individual assessee.

Alternatively and/or additionally, you can invest the capital gains of up to Rs 50 lakhs in bonds of NHAI or REC, within six months of its accrual and get the exemption u/s 54EC.

Hello,

The time limit for investment in house property is two years from the date of sale for purchase and three years for construction of the property. If not able to invest before the filing of ITR i.e. 30th Nov. 2020, you will have deposit the amount in CGAS A/c. and claim the exemption.

Yes, you can invest in two residential properties.

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Time limit ti invest is Sep 2020. Yes you can invest in two properties.