I purchased a residential plot for Rs. 4.5 lacs in November 2010. The registration charges were Rs. 44500/- at that time. I sold this in February 2018 for Rs. 26.5 lacs. l I want to purchase a plot and construct a house on it. I am in search of a suitable plot. Would it is advisable to park the proceeds in Capital gain account scheme. I am a salaried employee and earned Rs. 9.3lacs this year. My questions are. (1) How much amount should be deposited in cgas for zero tax? (2) Under which section this account should be opened. (3) When I will purchase the plot, whether the amount of cgas can be used in it?
(1)Some CA answered that I have to deposit 26.5lacs in cgas and some CA answered that 18.5 lacs are required for deposit in cgas. Which is true? (2) I had opened cgas account, which is the last date to deposit in it. (3) Can I deposit the amount in multiple dates ? (4) Can I purchase an undiverted plot and construct a house on it? Thanking you in anticipation.
I had opened a capital gain account with Rs14 lacs on 28/2/18. Remaining Rs 12.5 lacs are in saving account. Now I am trying to buy a plot. For which I think I have to give an advance of Rs 1 lacs. The total cost will be around Rs 11.5 lacs and registration charges will be around Rs 1.5 lacs. My query is by which account I should pay for these expenses.(2) For withdrawing from cgas account is there any procedure.