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