I sold off one house and so have some capital gains from it.
1. If I already have couple of houses, Can I still use my capital gains to purchase two more houses, since my capital gain is less than 2 Cr. Is there a restriction that the person should not own more than X number of house.
2. The house that I sold was an independent house.
- Can I purchase apartment rather than an independent house with the capitals gains.
- Can the apartment be under construction, or should I need to purchase only a ready to move apartment or the one which can be handed over within 3 years. Since it is a builder constructed apartment, and we don't have control over the builder timelines, I am tempted to not go for builder's under construction apartment, as the rule of construction has 3 years limit. Is my understanding correct.
CAclubindia
