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Long Term Capital Gain – Deduction of cost of new property purchased prior to sale of

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Long Term Capital Gain – Deduction of cost of new property purchased prior to sale of

Last updated: December 25 2009
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  • Long Term Capital Gain – Deduction of cost of new property purchased prior to sale of

    I am a NRI from Kerala, permanently residing in Geneva, Switzerland. I bought a flat at my home town of Trivandrum in January 2009 with the idea of deducting its cost from Capital Gains from the sale of a residential property in Trivandrum I had earlier inherited. I spent nearly 6 months in Trivandrum in 2009 trying to sell my inherited property but failed due mainly to the global economic depression. In order not to jeopardize my NRI status, I had to return to Geneva. Earliest permissible date in January 2010, I propose to revisit Trivandrum, but I may not succeed in selling my inherited property within the stipulated 1 year time limit. My question is whether there exists any provision/s or rule/s which could be invoked to claim an extension of the 1 year period? In my case the limitation in the duration of my stay in India (maximum of 181 days during a financial year) proved a real obstacle to a prolonged attempt to sell my property well within the 1 year limit. I should highly appreciate receiving comments and advice on the above. Thank you.
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