hello friends,
i had purchased a house as on 01/04/1990 worth Rs. 500000.now as the project of metro comes in jaipur, government had compulsorily acquire my house as on 01/04/10 worth Rs.5000000. they said that they will pay me the whole amt in 3 instalments. they give Rs.100000 to me as on 01/05/10. than 2nd instalment is provided to me as on 01/09/12 for Rs.500000 and now as the new government comes in rajasthan, there is delay in payment of the remaining amount. they are saying that they will pay the remaining amt of Rs.4400000 till the end of the year 2014 with interest. now as in the case of compulsory acquisition the whole of the amount is taxable since the 1st instalment is received. i had received 1st instalment as on 01/05/10. Now ITO is claiming the amt of capital gain. I want to claim deduction as per income tax act, but the main problem is that i had just got Rs.600000 till the period of 3 years.
what to do now ?
CAclubindia
