Investment from ltcg account with a bank
This query is : Resolved
02 August 2014
Respected sir I am sathyan from chennai.
My relative had sold a house for Rs. 30 lac in 10.12.2010 and invested the same in a canara bank on the 15.12.2010. He decided to buy a built house for around 25 to 30 lacs in chennai. He could not able to get for that said amount. then he got an offer from a promoter to built a house with a land sold by the same promoter in power of attorney. My relative also purchased the land on 22 April 2013 for Rs. 4.5 lac from power of attorney of that land and agreed to build a house in the purchased land with the promoter who is the builder in that project . he agreed to build a house for Rs. 24 lacs and signed the agreement with the builder and complete the house by Nov 2013. But the builder didnt complete within nov 2013 hence my relative didnt paid agreed due of the third - payment installment but paid Rs. 20 lacs till october 2013 as said in the agreement with the builder. Now the builder completed building and asking for excees 6 lacs (30 lacs) and said the agreement is canceled. My relative withdrawn all payment to the builder through DD from his ltcg account with canara bank. Hence i request you sir to suggest and solution to solve my relative's query
My relative had sold a house for Rs. 30 lac in 10.12.2010 and invested the same in a canara bank on the 15.12.2010. He decided to buy a built house for around 25 to 30 lacs in chennai. He could not able to get for that said amount. then he got an offer from a promoter to built a house with a land sold by the same promoter in power of attorney. My relative also purchased the land on 22 April 2013 for Rs. 4.5 lac from power of attorney of that land and agreed to build a house in the purchased land with the promoter who is the builder in that project . he agreed to build a house for Rs. 24 lacs and signed the agreement with the builder and complete the house by Nov 2013. But the builder didnt complete within nov 2013 hence my relative didnt paid agreed due of the third - payment installment but paid Rs. 20 lacs till october 2013 as said in the agreement with the builder. Now the builder completed building and asking for excees 6 lacs (30 lacs) and said the agreement is canceled. My relative withdrawn all payment to the builder through DD from his ltcg account with canara bank. Hence i request you sir to suggest and solution to solve my relative's query
Nikhil Kaushik
(Expert)
02 August 2014
you should be able to get the deduction on the amount already invested.
Rupesh Jain
(Expert)
02 August 2014
YOU CAN BUT THE NEW HOUSE FROM THIS AMOUNT.
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