Sold apartment on Oct 3 2020 and deposited Capital Gains in IDBI Capital Gain account. Due to Covid situation could not use the funds till date. Can there be usage of the funds as under :
1.Purchase ready to occupy flat with immediate possession during Oct 2020 and request IT to condone delay of one month in view of the extraordinary Covid situation as I could not spend efforts in searching property until recently
2.Purchase land and construction house within next one year. In that case can funds in the CG account be used to buy the land by submitting the approved construction plan and then use additional funds for construction
3.Build additional floor on the ancestral property, primarily in the name of mother but assesee is also part owner of a small portion of this property (5%)
Any suggestions in this regard will be of great help
Regards
Sunil
CAclubindia
