I co-founded a private limited company in IT sector in India and sold my shares to a foreign company. I am resident Indian.
I received the proceeds in my bank in Jan 18 and set aside some money for buying a housing property (I have one property already). I placed it under relevant FD in June 18. I paid advance tax on 15th March 18, showing this inward remittance. The actual share transfer took more time, due to the procedures involved.
I have now finalized a house, which is ready for possession and occupancy certificate received. Still in negotiations stage. No deposit made etc.
But, I have crossed Jan 20, 2 year period.
The FCTRS for inward remittance was received in Sept 18 and Board approved share purchase from me in Sept 18.
My question is, can I still buy a house with OC received and avail tax benefit? Have I crossed 2 year window to buy a readymade house? Can I get an extension and if so how to approach the issue with authorities?
But
CAclubindia
