My father sold his land for INR 2.80 Crs in Novemeber, 2016. In sale deed payment were mentioned in installments till 31st august2017.(Cheque No.s mentined in sale deed). But till now buyer paid only INR 1.80Crs ( INR 1 Cr is still pending) and he is continuously delaying the sale deed terms & condition. Mutuation of the above said land is not happened as we've given application in tehseeldar office and tehseeldar denied buyer's mutation application.
The land is Agricultural.
my questions are :
1. what will be tax if we do not recieve full payment of sale deed .
2. what are the other options to save taxes?
3. As we had recieved payments on installment basis, Is there any rule to get exemption to purchase new land withing two years from the date of transfer of land?
pleasesuggest me how i can save the maximum tax benifit.
Thanks,
varun
vm3108 @ gmail.com
CAclubindia
