Dear All,
my father sold his property for 2.8cr in 3-11-2016 in which registry of land is done on 3-11-2016 and we stop mutation as full payment is not done yet and our case is pending in civil court of lucknow. for now we got only half payment around 1.3cr and buyer is voiding the sale deed terms delaying the time.
stamp duty cost as per rural agriculture land and it is most likely situated in rural area and with agriculture purpose. my father also opened capital gain scheme acount in in bank of baroda in july 2017.
my questions are:
1.If land is rural agriculture land then how can we invest in buying other property?
2. can we buy multiple properties to invest that capital gain?
3. in sale deed amount is mentioned 2.80cr but we recieved only 1.30cr as buyer is not following sale deed terms so we filed civil suit and case is pending so in that senario how we can save the tax?
kindly clear my doubts , i'll be highly obliged to you all.
thanks.
CAclubindia
