In June '11, I had Capital Gains due to a Sale and a Purchase of Residential Properties in Pune. The Gain Computed was over 50 lakhs and I wished to invest Rs 50 lakhs in above Bonds and this had to be done by mid-December '11. However due to genuine Medical Issues starting Oct. '11, I could Neither get gains computed Nor Invest in these Bonds until March '12. ( The sold property of 1979 had to be duly Valued and so on ).
I am seeking condonation for the Delayed Purchased of these Bonds worth Rs 50 lakhs. I'm presently advised that if this Delay is Disallowed, I can duly Appeal against it but if that is Again Disallowed, I will effectively be Penalised TWICE. 1. Having to pay Capital Gains on these 50 lakhs and 2. YET having this Amount locked in at about 6% + or so for 3 years.
The Medical Issue is a Recurring and Serious Problem of Endogenous Mental Depression and I have Genuine, Original Certification over a 20 year-period from Reputed, Registerd Psychiatrists.
What is my Best Course of Action ? I'm presently 62 and have No Worthwhile Income Flow in the future ....