My Client sell the Residential Property on .28.02.2019. Capital Gain amounting of Rs. 12 Lakhs. He desire to purchase the residential house with in one year which is Greater than the amount of Capital Gain My Query:
1.Is mandatory to file Income tax Return with in 31.08.2019 he has no other income exclude the above
2.Or file return of income in the next F.Y 2019-20 after purchasing of property
3. Is he required to invest in Capital Account Scheme? and is eligible claim u/s 54?
Please suggest. Thanks in advance.
CAclubindia
