I sold my property on 9th November 2019. Before I can utilize the sale proceeds to buy another property, I want to park the money in LTCG account. What is the last date to deposit money into LTCG account from normal savings account, given due date to file return for FY 19 -20 is extended to 31st December 2020?
Is there a time limit constraint of 6months from sale date for depositing in LTCG account?
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.