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.