Dear Sir
I sold a property (residential plot) worth Rs.5 lacs which was bought by me in Jan 2003 for a sum of Rs.45 lacs. I sold the property in April 2013. As of date, I have missed the deadline for investing in LTCG bonds( 6 months period). I do own a house in the city where i currently reside.
My queries are as follows.
1. Can i buy an other plot and build a house on the same?
2. Can i invest the LTCG amount in CGAS now and maybe take out the same after 3 years without purchasing any property? If so, what is my tax liability? Will i have to pay interest on tax amount due on LTCG amount if i close the CGAS after 3 years?(which is the period available to build house)
3.If i invest it in CGAS now, will i get 2 years to buy a plot PLUS 1 year to build from the date of activating CGAS?
4. If i build a house on a plot of land i buy, what kind of documentation is required to prove to the IT dept that i have bought a plot and built a house? ( contractor bills / suppliers bills etc)
Your reply is appreciated.
Regards
VADHIRAJ.D.G
CAclubindia
