02 February 2019
If an assessee has sold residential house property in the year 2017 and has bought a new residential flat in the same year and deposited the balance amount of LTCG amount in a Capital Gains bank account, the amount of gains was Rs. 1.50 crores; can the assessee purchase a second residential flat for the amount remaining unutilised in the capital gains bank account after April 2019 within 2 years of the sale of the residential house? Kindly suggest as per the amendment proposed under section 54 of the Income Tax Act by Interim Budget 2019.
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