Sir, I bought an agriculture land in 1999 for Rs.245000.00 admeasuring 1600 Sq.Mtr. Sometime around 2005 I constructed a building over approx.180 Sq.Mtr. In June 2011 I sold it for Rs.16400000.00. Thus the capital generated is around one crore and sixty lacs approximately.
1. I purchased a residential property for Sity five lacs approx. in August 2011.
2. Now I want to know that for the balance unused amount of capital gain, can I purchase one or more agriculture properties at different time in near future.
3. Also can I use some amount in particular Bonds allowed to save capital gain.
In brief I would like to have your advice that can I use all the three options in saving capital gain simultaneously. I am already having an agriculture land purchased around 2004. I am also having one residential property build and occupied around 2005.
Is there is any restriction in purchase of agriculture lands as in case of residential property.
Please advice me on my mail ID sagsha_51 @ yahoo.co.in.
Thanking you.
(V.S.Sharma)
Contact No. 09352410194
CAclubindia
