02 December 2014
I have sold my old flat for Rs.50.00 Lacks, and I have booked new flat for Rs.70.00 Lacks. I have paid only booking amount till date, and I will pay balance amount as per work complete, it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?
03 December 2014
Dear Mr. Sampat correct yourself under section 54 assessee can buy new house property within a period one year before or "TWO YEAR AFTER" or three years for construction from the date transfer of residential house property.
CAclubindia
