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Hi,

For the long term capital gain of selling a property and investing the amount in construction of new house.. The period given is 3 years as per rule. Is there any relaxation on the 3 years period in finishing the construction of house because of the on and off lockdown due to corona for 2 years.

Kindly let me know if there's a way to get the exemption.
 

canikhil

Well-Known Member
Hi,

For the long term capital gain of selling a property and investing the amount in construction of new house.. The period given is 3 years as per rule. Is there any relaxation on the 3 years period in finishing the construction of house because of the on and off lockdown due to corona for 2 years.

Kindly let me know if there's a way to get the exemption.
Last year government gave a limited relief. as of now, there has been no long term relief yet. Some representations have been made already. But no relief yet. So, I would rather suggest that if you are building the house yourself, you still just claim that the construction is completed. Any changes beyond that, you might want to show as additions/improvements.
 
To claim that the construction is completed in prescribed time he will need OC ( Occupation Certificate ) from the local Municipal Corporation which should have date within the prescribed period. That is an evidence of completion of the building/house construction.
 

Romeo1998

Well-Known Member
To claim that the construction is completed in prescribed time he will need OC ( Occupation Certificate ) from the local Municipal Corporation which should have date within the prescribed period. That is an evidence of completion of the building/house construction.
Sir, for example if construction is completed in 2020, but builder is giving OC having date 2018.... so is it okay to not accept such OC ... and if accepted, r we in fault ? :)
 
Sir, for example if construction is completed in 2020, but builder is giving OC having date 2018.... so is it okay to not accept such OC ... and if accepted, r we in fault ? :)
Builder does not issue the OC. It is issued by the Municipal Corporation which has issued the commencement certificate for the construction and approved the building plans .If you can manage to get a backdated OC from the Municipal Corporation then fine. I dont think it is going to be easy to get backdated OC as there are many steps involved in issue of the same. Fault or otherwise is left to the person to decide but atleast on documents it is clear.

I know many people who insist on buying the flat which has already got OC for investing capital gains.Under construction properties can get delayed indefinately and the builder may fail to get the OC before the specified date as it is beyond his control many times.
 

TracerBullet

Well-Known Member
I am not able to see itr3 filling option in new IT website, is it same for all? Is it going to be included soon?


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Yes, same for me. No option for ITR3 in prefilled data and also not available in online filing.
Offline utility seems to be able to download prefilled data ( atleast says so ..) but then again has no option for ITR3.
My previous year returns filed in december have not processed either ..
 
Last edited:

canikhil

Well-Known Member
Yes, same for me. No option for ITR3 in prefilled data and also not available in online filing.
Offline utility seems to be able to download prefilled data ( atleast says so ..) but then again has no option for ITR3.
My previous year returns filed in december have not processed either ..
It is possible that it is already processed but you have not received any intimation and that the website is still showing it as pending! In many cases, where 143(1) has already been issued, the online status is still not updated.
 

TracerBullet

Well-Known Member
It is possible that it is already processed but you have not received any intimation and that the website is still showing it as pending! In many cases, where 143(1) has already been issued, the online status is still not updated.
Reflects poorly on infosys. Initial issues can be expected but its been some time since website went live.
How does one know that itr has been processed if online status is not updated ? Must be a headache for you guys to deal with buggy website and seemingly no way to file itr3.
 

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