hello

We have sold ancestral urban agricultral land (being used for cultivation of Jowar/Maize for last 30 yrs) situated in corporation area in march 2014 for rs 1800000. Govt. Valuer made cost of aquisition Rs 140000 in F.Y 1981. CA told that complete sell amount Rs 1800000 needs to be invested in 54 EC bonds to save LTCG Tax. My job Salary is Rs 200000 yearly.we need money & not in position to buy another land/house.

In 2004 my uncle had sold N.A. plot & after computing, only "LONG TERM CAPITAL GAIN' was invested in 54EC bonds & not complete sell amount. CA told that rules have changed after 2004, Sec 54EC is not applicable to sale of agri. land.

My question is can we invest in 54EC bonds , if yes complete sell amount or only LTCG? & Sec 54 EC applicable or not & what about Sec 54, 54F?

I have invested around 14,00,000 in my capital gains account.

Recently i have purchased land for house construction for five lakhs. Due to urgency i have paid the money in cash.

I would like to have expert advise on the following queries
1)Can i show the purchase of land and withdraw the amount incurred for purchase from my capital gains account.

2)The bank maintains that any amount greater than 25,000 can be withdrawn from CGA thru DD only. Can I take DD for that amount in my name from CGA and transfer to my savings account.

3) I have incurred additional expense as documentation charges, brokerage, registration charges etc. how can i show these expenses from CGA.

4) I am planning to construct a house, the construction which my father is panning to supervise by employing labor and material supply . I have applied for plan approval. how can i withdraw money in such cases. what are the documents to be given to bank for settling such amount. can i withdraw money as DD in my name or in my fathers name for such purposes.

Expert advise is requested as I am confused and finding it difficult to utilise money from my CGA.

Regards

Sudhakar

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