03 January 2012
my friend earned long term capital gain of rs 27 lacs and bought the second residential house of rs 50 lacs within one year of sale. residential house could not be registered due to dispute over interest for delayed period and sharing of registration charges/service tax/vat. as per agreement possession has been received for residential house on signing the agreement, but is not occupied. can ITO deny the exemption, even if there is no property income from the house. pl advice.
CAclubindia
