Dear Sir,
I need some clarifications on capital gains.the details of transactions are as under:
1. I sold one plot of land for Rs 5 lacs on 5/07/2012.I have not put the
amount in Bonds ,since the six months period is already over.Therefore ,now
I want to put the amount for purchase before 31/07/2013 , small flat or
invest in land for building a small house within three years time.
2.Further, I have sold my house on 14/05/2013 and the approximate capital gain is
Rs 40 lacs.I want to invest this capital gain in another new house for
residence in HYD.within the permitted period as per section 54 /54 F of IT
Act.
amount in Bonds ,since the six months period is already over.Therefore ,now
I want to put the amount for purchase before 31/07/2013 , small flat or
invest in land for building a small house within three years time.
2.Further, I have sold my house on 14/05/2013 and the approximate capital gain is
Rs 40 lacs.I want to invest this capital gain in another new house for
residence in HYD.within the permitted period as per section 54 /54 F of IT
Act.
Can you ,please clarify following points:*
*1. Can I club the sale proceeds of my plot and capital gains of house sale
and purchase /construct a Single house or I Have to purchase /construct
two separate houses against each capital gain.*
*
*
*2. Can I invest the capital gain from one residential House sale ,in two
or more residential houses in different cities or at different locations in
the same city.*
I have gone through section 54 /54 F but they are not very clear about the above queries.
Thanks
pjrao
CAclubindia
