Dear friends,
One Person sold his residential house property and there is LTCG on it around is Rs. 600,000/-. He invested entire sales proceeds in the new house property within 1 month of sale in Joint Ownership and the shares of each co-onwer is not definite (property cost Rs. 25,00,000/-). and also got the possession of the property within 2 years from the date of trf. Now my question is whether his required to file the return of his income in order to claim the exemption U/S 54 or there is no compulsion to file the return.
CAclubindia
