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ltcg and cgas account

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 April 2011 i have sold my shop in april 2010 @ 8.5 LACS and bought a residential plot in a farm house scheme ...I DONT HAVE ANY HOUSE IN MY NAME
uptil now i haVE paid 7.00 lac to builder and rest 1.5 is to be paid in april 2011(this montjh)......

[1]do i need to open cgas acc?? and my whole 8.5 lac is spent in purchasing land for house... consrtuction is remainig yet...

[2]do i need to pay any tax ?

[3] if i aM NOT ABLE TO COSTRUCT THE HOUSE IN COMING TWO YEARS DO I GET ANY PENALTY ??
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U S Sharma

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U S Sharma (Expert)
17 July 2011 you have to construct a residencial house there within 2 years of such CH would get taxable
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