Practicing Chartered Accountant
2476 Points
Joined June 2013
Since you have 2 years to purchase for new house beginning from date of sale, in this case following are things you have to do
You will have to deposit the amount of 30L with bank by opening a Capital Gain account with Bank or make an Capital Gain FD with bank. This you will have to do before filing your IT Returns.
As an when you will have to make payment for purchase of new flat, you will have to make application to concerned AO and withdraw money from Capital Gain account.