In view of the difficulties being faced by the taxpayers due to the Kovid-19 epidemic across the country, the Central Government has extended the deadline for filing claims for tax deduction on investments made in residential houses. The deadline to invest has been extended from June 30, 2021 to September 30. With this, people buying a house on or after April 1 can claim for tax exemption. This information was given in a statement issued by the Ministry of Finance. The deadline for making this investment in a residential house for tax deduction has been extended by more than 3 months from the earlier deadline of June 30, 2021.
The Ministry of Finance says, “Exemption from tax deduction for claims made by taxpayers for investments, deposits, payments, acquisitions, purchases, constructions or such other things as are covered under sections 54 to 54 GB. Is given. In this, the last date of claim has now been extended to 30 September 2021.
Discount on purchase or construction of property
Under Section 54 and Section 54GB of the Income Tax Act 1962, you can get tax exemption from capital gains on selling the residential property if you reinvest it for the purchase or construction of a residential property. Under Section 54GB of the Income Tax Act, exemption from capital gains arising from transfer of residential property is provided if you invest the amount for subscription to equity shares of an eligible company.
Benefit will be available on assets of less than 2 crores
The Union Budget 2019 had increased the capital gains exemption limit under section 54. Under this, now the purchase or construction of two residential houses is allowed. However, tax exemption will be available only if the value of the property is less than Rs 2 crore. A taxpayer can exercise this option only once. Earlier only one purchase or manufacture was allowed.
Controversy also extended the time limit of trust
The deadline for payment of interest without interest has also been extended under the Vivad Se Vishwas scheme operated by the government. Now it has been extended from 2 months till August 31, 2021. Earlier it was till 30 June.
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