Mrs Divika sold plot situated in nasik for Rs 2400000/-, in the month of february 2014. She booked a flat at nasik for Rs 2200000/- in the month of may 2014, and she will get the possession of the same till march 2015. So there is no any documentation relating to the flat.
How it will be treated for filling income tax return of A.Y. 2014-15. Please help.
She will first have to compute long term capital gains. Long term capital gains is what is to be reinvested in another property and not the whole sale price of the flat. She may avail exemption u/s 54 by investing in another property within 2 years from sale of the flat. It also depends on the payment schedule with the builder. She may also deposit in capital gain account and make payment to the builder from that account.
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