hi suppose an individual has sold his residential property and wants to invest the proceed in construction of residential property. what is the time limit to claim the deduction and should he keep the proceeds in separate bank account or can he just make term fixed deposits and use the fund as and when needed.
please clarify
thanks
shashi kiran
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Section 54 for construction
Replies (1)
- THREE years from the sale of the residential property.
- Should be deposited to CGAS, 1988 acc.
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