Sale of land for capital gain tax
Querist : Anonymous
One of my friend sold a piece of land in august 2016(purchased in 2011). But keep cash amount Rs. 6 lac at home to purchase another piece of land but not able to finalized deal. Now. question is
1) can he deposit that amount in saving account or need to open capital gain account?
2) is their any penalty clause regarding keep cash at home?
3) what will be tax treatment for above said amount?
please suggest
regards
Querist : Anonymous
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