One needs to purchase the new house from the proceeds of residential house sold 1 year prior to date of sale or within 2 year from date of sale. If the same is not utilized to purchase up to filing of Income Tax Return the same needs to be deposited in Capital Gain Account Scheme and utilized later for purchase of residential house in the specified time.
Capital Gain, Land and Building, Tax return Here we explained that exemption of capital gains after sale of residential house, within how much time the new house is to be purchased.
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