17 November 2011
I was purchase a flat Rs 695000/- on 12.02.2007 and sold on 23.03.2011 for Rs. 2700000/- and i am neighter deposited sum amount in recognise bank and nor book flat and now i like to file my return today .How will i save the tax ?
17 November 2011
You have to pay tax now, alongwith interest, as the due date for filing return has passed.
However if you purchase a residential house within 2 years from the date of transfer or construct a residential house within 3 days from the date of transfer, apply for rectification of the assessment u/s 154(1) and you may claim exemption.
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