Dear Professional Friends
My question is realtes section 54 of Income Tax Act,1961
someone sold a House Property of Rs 20 lac and indexed cost say Rs 7.5 lac and make a LTCG of Rs 12.5 lac.
Invest the amount in under constrution property and pay Rs 10 lac till know (Cost of New property say Rs 25 lac)
I want to clearify is it mandatory to make payment in upto of Rs 12.5 lac at the amount of LTC G before due date of filing of return i.e 31.7.2013 or it is enough to make an agreement to purchase for the property to claim exemption under section 54 of Income Tax Act,191
Its an urgent matter
Thanxx in advance
CAclubindia
