Question ID :
Regarding Investment in new property
An Assessee is having two residential flats and now wants to purchase one more Residential Villa which is under Construction and also Registered under RERA. Assessee is making Down payment of RS. 50 lakhs and will get possession after one and half years before which he will gift the existing one residential flat.
Whether such payment of RS. 50 lakhs will be treated as Advance or Investment
Kindly give your Valuable Suggestion.
GOPAL KUMAR AGRAWAL
May 14 2019 12:00AM