Frnds, My cousin has planned to sell the property, in which she was residing at present, for 40 lacs. Simultaneously, she will buy another property for 47 lacs, within 15 days of sale. Surely, sec. 54 will attract, and she may gain exemption.
But, my doubt is whether she has to finish both selling and buying within 31st march. Bcos, selling will take place first and immediately capital gains tax will arise at the year end.
Other Info:She also owns another house property, from which she owns rental income. She has never filed any return till now. The remaining 7 lacs (47-40), will be paid by her through her income from shares or mutual funds only.
Advise pls???
CAclubindia
