Hi ,
I have sold one land and money is in long term capital gain account .
as per 54f I have to declare in my income tax return filing the details of the property I am going to buy .
is there any way that I can get some more time to decide the Property.
Thanks
rajesh
U will have 3 yrs time (from date of transfer) to construct house and 2 yrs (for purchase of house). While filing ITR, show it as deposit in CG a/c. If you need more details abt 54F, pls refer article: /articles/capital-gains-exemption-from-tax-u-s-54-54f-23471.asp#.VUu3-Pmqqko
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