income from capital gains

I sold a property and my auditor says that i am eligible to use that fund only for buying an agriculture land and buying a residencial house. i have a doubht regarding this :

1.Can i buy a empty(plain) residential plot without any building. 2.there is a four floor building with residential apartments and few houses has been given to rent to some corporate offices,the owner wants to sell the whole 4 floors together,Am i eligible to get the property since its residential apartment.

asked Jul 28 '11 at 08:33 by sivakumar 1233

Looks like you have sold an agricultural land, that's the reason why your auditor has suggested you to invest in another agricultural land (54B) or a residential property (54F).

  1. You can buy a residential plot but you will have to construct a house on it within three years of sale of old property.
  2. If new building you have selected comes under residential area by municipal regulations, then you can consider buying that. Registration of this property should also show it as a residential premise.

answered Jul 28 '11 at 14:51 by Pankaj Batra 5.2k320


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Asked: Jul 28 '11 at 08:33

Seen: 1,891 times

Last updated: Jul 28 '11 at 14:51