Time limit to Reinvest money deposited into Capital Gains Account Scheme
2 years ago
In July 2019, I deposited the income from sale of land into CGAS account. I could not invest in house property within 2 years from CGAS deposit. In July 2022, 3 years is getting over for me. If I am not able to invest in construction of property within July 2022, I will be subject to Capital gains tax. I want to know, if there is any extension of time limit in investment considered by Indian government due to pandemic situation.
A.Hi,
Please go through the recent notifications of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
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Please go through the recent notifications of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You can refer to the recent notification of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
Please rate my answer
Thank You
You can refer to the recent notification of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
Please rate my answer
Thank You
Helpful
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