30 August 2024
i had commercial tenant property since 1975 gave up the tenancy rights/vacated the premises on 23.5.2019 for a compensation of 60 lacs. deposited the entire amount in capital gains account in bank after two years also could not re invest in new property what should i do or should have done in view of the income tax laws pls guide thanks note ; valuation of property was done dated 1.4.2001
30 August 2024
You need to get permission from your jurisdiction ITO to close the account. For which you are required to pay LTCG tax over the property, saved earlier.
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