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  1. Hi Dixita

    If you are unable to utilize the sales consideration for purchase/construction of new property till the ITR filing due date, in such a case you can park your capital gains in the Capital Gains Deposit Account Scheme. You can claim exemption of the amount already spent on the construction/purchase of property and the amount deposited in CGAS.

    Keep in mind, if the amount deposited in the Capital Gains Account Scheme is not utilized within the time limit mentioned, then it shall be treated as income of the last year in which 3 years expire.

    Read more on Capital Gains Account Scheme here

    The due date to file ITR for FY 2019-20 is extended to 31st December 2020, in case tax audit is not applicable.