27 March 2016
1. Invested Rs. 30 Lakhs on Under construction house from own funds in the financial year 2015-16. 2. Selling a plot with a Long term Capital Gain of Rs. 55 lakhs in March 2016. 3. About to invest a minimum of Rs. 25 lakhs more in the under construction house. 4. Investment Prior to Selling of Plot = 30 Lakh + Investment after selling the plot = 25 lakh totals 55 lakh. 5. Do I need to pay any tax now.
27 March 2016
Tax need not be paid. But the investment should be made before 31-7-2016. If not deposit the unspent amount in capital gains exemption scheme on or before 31-7-2016 and issue for construction after that date from that account.
CAclubindia
