Proceeds from sale of converted land

Query 1: can proceeds from sale of converted land be re-invested in multiple lands (or does it have to re-invested in only 1 land or house)?

Query 2: if the registration (sale) has happened in July 2015, till when do I have time to re-invest the proceeds from the sale....July 2016 OR March 31, 2016 OR March 31, 2017?

Appreciate your response. Thanks.
Asked 1 year ago in Capital Gains Tax from Bengaluru, Karnataka
To avail exemption under the provisions of Income Tax Act, you have to invest in a house or land meant to construct a residential house within 3 years.
Vijay N. Kale
CA, Hyderabad
248 Answers
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No you can invest the sale proceed only in one residential House Property. It can be used for purchasing a Residential House Property or construction on existing land.

Shyam Sunder Modani
CA, Hyderabad
955 Answers
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In response to your second query you can invest the same in the purchase of residential property with in two years from the date of sale i.e. before July 2017. You need to invest the sale consideration in capital gains accounts scheme before July 31 2016 i.e. the last date of file returns for FY 2015-2016 
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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