Deposit of money received on sale of property.

MOHANAN .V.P. (INSURANCE AGENT & ACCOUNTANT-PART TIME)   (48 Points)

18 March 2016  

Hello.

 

 

1)I sold my residential land in kerala on 11.12.2015 for Rs.6 lakh as per registered sale Deed and out of this I purchased a land in Bangalore for Rs.257000+17450 Registration charges on 13.1.2016.The balance amount is lying in SB Account.

 

2) Further, I sold my flat in Bangalore on 19th February2016 for Rs,12,00,000 /- as per Sale Deed which is also lying in SB account.

 

 

I am planning to construct a house in the above land and the work will start shortly. If I spent the remaining amount of the first part on construction before 11th May,2016 can I keep the amount in SB account till such time

 

I will be using the 2nd sale amount also for the construction of the house- shall I keep the said amount in SB account till Aug,2016.

 

 

Is there anything to be done before 31st March,2016 !

 

Kindly advise.

 

Regards

 

Mohanan.V.P.