12 March 2009
One of my client has had a long term capital gain of Rs 2 lacs during previous year 2008-09. However, the client has till date made advance payments of Rs 3 lacs towards purchase of his new house. In such a scenario can the advance payment be considered as investment of the Long term capital gains or does he need to invest Rs 2lacs in the capital gains account scheme to avoid tax.
CAclubindia
