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HiI am asking this query on behalf of my grandf...

HiI am asking this query on behalf of my grandfather. He is 82 years old.He sold his house in Nov...

Hi


I am asking this query on behalf of my grandfather. He is 82 years old.


He sold his house in November 2017. Naturally capital gains were sure to arise. He invested Rs 50 lakhs in NHAI bonds. He has purchased property in Kolkata which is currently under construction (will take an year to finish).


When should he pay the taxes on such sale?


Can he file after the payment of the new property is finalized, after 1 year? Will there be any penalties incurred?




0
Chiranjibi Chapagain Jun. 08, 2018

First things first, he must file his returns on or before 31st of July, 2018.

The capital gains arising thus can be deposited in Capital gain Deposit savings account or in bonds of NHAI and REC for a maximum admissible amount of Rs 50lakhs. Your grandfather has done correct in this regard.

The expenses incurred on the new property will be allowed in the next year.


Hi


I am asking this query on behalf of my grandfather. He is 82 years old.


He sold his house in November 2017. Naturally capital gains were sure to arise. He invested Rs 50 lakhs in NHAI bonds. He has purchased property in Kolkata which is currently under construction (will take an year to finish).


When should he pay the taxes on such sale?


Can he file after the payment of the new property is finalized, after 1 year? Will there be any penalties incurred?




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