cpc

capintal gain tax extension


Respected Sir,

I am K. Nageswar Rao. I sold a property and capital gain is calculated and depisted the same in capital gain account. The three years of the time will be completed in June 2017 and I have n't purchased the property.

 Is there any way for requesting for extension of time perod. i.e. some more time to purchase the property.  If yes please provide me the procudure.

 

Thanking you

Nageshwar Rao

 

 

 

 

 
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Advocate

Sir, 

 

You can Call CA Karan Chandna at 9871563826 and take his opinion. 

 

Warm Regards 

Kapil Chandna Advocate 

9899011450,9911218741

https://kapilchandnaadvocate.wordpress.com/

 
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Lawyer in Hyderabad.wats app no.9989324294

Alternatively, you can invest Long Term Capital Gains ( LTCG) in specified bonds under section 54EC. The investment should be made within six months of sale date of land subject to a limit of Rs.50 lakh and fulfilment of specified conditions.

Investment in a new house or specified bonds has a lock-in of three years. If the new house is sold or bonds are converted into cash within three years, exemption claimed from LTCG shall be revoked. If you take a loan against the security of the bonds, then the bonds shall be deemed to be converted into cash.

 
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I sold the house in june 2014 and deposited the amount in capital gain account in the bank.

The time is 2years for house or 3years for plot and construction of house. This three years time will be completed by june 2017. ie in one month.

 

Now I have any option for extension of time or any other instrument to invest, so that i can exempted from the tax.

Thanking You

Nageshwar Rao

 
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CEO

UNDER IT ACT 1961 THERE IS NO EXTENTION OF TIME FOR CAPITAL GAIN ACCOUNT SCHEME bEYOND 3 YEARS.. BUT  FOR  DELAYED RETURN TIME IS PROVIDED UNDER SECTION 139(4)..PLEASE SEE BELOW.

Return of income. 21. 139. 22. [(1) Every ...

Section-139(4) : Belated Income Tax Return - Income Tax Management

incometaxmanagement.com/Pages/KnowledgeBASE/8/72-Section-139(4).html

Section-139(4) : Belated Income Tax Return ... the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1), he may furnish the return for any .... 'Assessments' Under Income Tax Act. 1961.

 
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Originally posted by : Nagesh
I sold the house in june 2014 and deposited the amount in capital gain account in the bank.

The time is 2years for house or 3years for plot and construction of house. This three years time will be completed by june 2017. ie in one month.

 

Now I have any option for extension of time or any other instrument to invest, so that i can exempted from the tax.

Thanking You

Nageshwar Rao

 

As such extension is not available. 3 years time is quite sufficient but on the basis of the grounds, somethings might be done.

First I wish to know why even after so much time you have not satisfied the conditions u/s 54

 
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