Hello All:
One of my relatives had sold his house this February and is looking for a new house to purchase. My question here is, as the profit from capital gain is around 30L and it will take another 6 months or a year for him to purchase a house, how can he show this income in ITR for AY 18-19 and avoid paying tax? Please note that I have been told that we have been at least 2 years to purchase house from the date of sale made.
looking forward to your advice.
Thanks in advance.
deposit the tax in a capital gain account and withdraw it closing the account while purchasing the house property...
PS: assessee should not hold more than 1 house property at the time of sale...
CAclubindia
