11 June 2008
My friend had sold a old land long term asset and invested for the construction of house in kochi during the financial year 2007-08. Problems is whether that amount should be used for reconstruction/construction of house? how can it treat with preparing total income during the financial year 2007-08. It will be taxable during the year.The old value around 2.5L and the current sale value Rs.10L. How can it treated in Total income statement 2007-08, how was the treatment or any exemption there ?what is your suggestion on this matter.
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