Hi
I am salaried person.
During Oct 2013 I have sold my flat, and used to proceeds to buy bought another flat during Feb 2014.
I did not file income tax on July 31 due to travel and want to file now.
I would like to understand the implication on capital gain I have to pay. Some people are saying I need to pay tax on the proceeds as I did not file returns on July 31.
Please advise.
Thanks.
Hi,
Law says that you need to invest the proceeds of long term capital gain into house property within a specified time.
It also says that if any amount is not invested then that needs to be deposited into a specified account before the due date of filing the return.
Hence it looks that you will get deduction. But rest depends upon the facts of the case.
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