Suppose a person lives in his father's old house and buy a new house on loan in june 2015 Rs. 11 lacs and in April 2016 he got that old house of his father as a legal heirs without any VASIYAT. And in the same month i.e. april 2016 he sold his father's old house( which is now nominated in his name as legal heirs). Now suppose he receive long term capital gain rs. 4 lacs and repay home loan.
In this case is capital gain deposit account to open is compulsory ?? Since he sold old house in 4 lacs and purchase within 1 year new house by Rs.11 lacs.
I think there is no need. Am i correct ??
CAclubindia
