Income tax and ltcg account with sbi

ashok (sales manager) (45 Points)

04 June 2019  

Dear,

I sold my Flat in 30 lakhs on 19-07-2016 

I deposited this 30 lakhs in LTCG A/C WITH SBI ON 30-03-2017

I bought a new flat and register it on 26-11-2018 

I made a payment out of above LTCG A/C WITH SBI, Rs 32.5 lakhs to builder

When I approached to ITO for closing of my above account, they send a letter to me saying that I have not purchased new flat in 2 years so asking me to pay Tax on capital gain and submit proof.

I was under the impression that I have to invest within 2 years from deposits with bank, ITO letter say 2 years fro sale of my old flat.

Please advice me what I have to do?

If I require to pay tax then how to show in my current year ITR-2