The existing deadline for such investments was March 2021, which the Budget has proposed to extend till March 2022
“The exemption under Section 54GB is allowed to an Individual and HUF from the long-term capital gains arising from the transfer of a residential house property. The exemption is allowed if the net consideration received or accruing in relation to the transfer of residential house property is utilised for subscription in the equity shares of an eligible start-up. However, the exemption is allowed only when the original asset (residential house property) is transferred up to 31-03-2021," said Tarun Kumar, a Delhi-based chartered accountant.
The eligible startup is required to utilise this amount for purchase of new asset within a year from the date of subscription in equity shares by the assessee.