I have land in highway. it is acquired by govt for widening of roads. And
in turn they have given 9.25 lac compensation after deducting TDS. I have already one house in my name which is gifted by my father two years before Acquition. Acquired land and the house are different properties. Now my query is can I build or purchase a new residential house from capital gain income to save income tax. as I have already one residential house which is gifted two years before acquition. Pl give me suggestions.
In continuation of above query sir that gifted house is 3 floor building with 4 houses in single land. if this is the case am I eligible to save tax on capital gain income by acquiring/constructing second residential house