I sold property in October 2017 and parked capital gains by creating capital gains account within 6 months. I am now planning to purchase property from that fund by October 2019 (2 year timeframe). Last budget had announcement that from current FY, it is allowed to buy 2 houses from that fund. My question is whether I can buy 1 house or 2 houses. I am getting differing views:
(1) As the sale was done in Oct 2017, at that time only 1 house purchase was allowed.
(2) As the funds were parked within 6 months timeframe in capital gains a/c and ITR filed to setoff, Now if property is purchased in current FY, I can avail benefits of 2 houses.
Posting on this forum for getting broader opinion from experts and tie-breaking in above 2 opinions.
Thanks in Advance.
CAclubindia
