Hrishikesh Talwalkar (director) (21 Points)
16 November 2016hi, we sold a flat last year which was in the name of my father, who also has another one on his name. the gain amount now needs to be invested for residential flat/bunglow to be constructed, within the next 2/3 years. my querry is whether this amount can be invested in buying an agriculture land and constructing a bunglow on it?
kindly guide me on this matter. thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195640 Points)
Replied 16 November 2016
If you get permission to build bunglow over the land from governmental authority, you can claim exemption on part of the constructed area.
sivabommakanti
(CA - Tax Consultant)
(267 Points)
Replied 17 November 2016
CAclubindia
