Hi Sir,
An Individual sold Land and received money of Rs10 Lakhs in March 2018, again he bought a land for RS 12 Lakhs on 31st May 2018 and planning to construct the home, as per law within 3 years he has to construct the home from the date of receipt.
My question is, when computing the capital gain for FY 17-18, shall we update the New Asset acquistion details in sec 54F and provide the Asset details in Table D?
What other proofs is mandate to submit for Income Tax?
1. Yes
2. No need to attach any documents, but get house completion certificate within specified time
Dear Sir,
Thank you for the information, Please clarify me, does he needs to get an certification from an engineer or from the register office or any other local state bodies.
Municipality ward officer...
Even copy of sanctioned plan from town planning office or Municipality helps to proove that the house is constructed as per plan.
Dear Sir,
Thank you so much for your help!!!
Most Welcome ...
CAclubindia
