This concerns the sale of residential land and utilization of the proceeds to acquire agricultural land: Can the value of the agricultural land being purchased be deducted from the proceeds of the sale of the residential land? What documents need to be prepared and submitted (and where)?
Thank you very much!
Wasn't there an exemption for reinvesting the amounts of the sale in another fixed asset?
To promote housing - only House should be purchased. You can sell land and buy House.
Arvindkumar Maniar & Co.
Rajkot
CA
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Chirag N Shah & Associates
Mumbai
CA Inter
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SKAA & Associates
New Delhi
CA Inter
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