• Forego of Limitation period of 3 yrs due to panademic

Purchased plot within 2 yrs from the date of sale n the subsequent amount dep in CGA but 3 yrs time expires on 16 Aug 2021 n could not start construction till date. What are the consequences I will face. Value of plot 1.25 cr. As vivid pandemic subsided we hope to start now, but will tk one year approx upto completion n obtaining complition /possession certificate from urban authority. Kindly guide course of proceeding n outcome.
Asked 4 years ago in Capital Gains Tax

It would be subject to litigation but I think in coming times various judicial Judgements would be available to support your claim. Last date is 30.09.2021 where the last date for such compliances falls between 01.04.2021 to 29.09.2021.

Vivek Kumar Arora
CA, Delhi
5010 Answers
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