I have sold a flat in 2012 June) and have planned to purchase a new flat within the prescribed time frame of 2 years s provided in Section 54 of The Act. The same was notifed by me in the return that was filed and I claimed exemption from tax.
However due to some personal reasons I have decided against the purchase of a new flat/house. I would request someone to guide me whether I could revise my return and pay the Capital Gains tax along with the applicable interest till date. Is this permissible?. or is there any other recourse available.
Thanks
Srinivas
CAclubindia
