10 May 2012
you have to invest in NHAI or REC bonds subject to limit of Rs. 50 lakhs in one financial year and it should be made within 6 months of tranfer.
now if you want to claim 1 crore EX: sell it in march 1st week and invest 50 lakhs till march 31 St and the balance in next financial year therefore both the conditions are satisfied.
Time limit is within 6 month. So you can sell/transfer property from November to March month and invest 50 lacs in same year and another 50 lacs within 6 months from the date of transfer of property.
CAclubindia
