12 December 2011
We have sold our open Plot to the KIADB (IN kARNATAKA Govt,.)for Aerodrum Establishment by Govt,during Aug.2010 &we have received Rs 16 Lakhs as sales price for that Plot as on 25-10-2010 The same has been deposited in Simple term deposit , but not in Capital Gain Account either A, or B account We have Purchased this open Plot on 18-06-2008 by payment of RS.33600/- We have not invested in Capital Gain a/c with in due date for filing return of income for Assessment year 2011-12.Now we have received a letter from Jt.Comm.of I.T to produce your investments with ret filed acks copy with in a week.Whether can we purchase or construct a house property now by spending such amount with in 2/ 3 years u/s 54B of I.T.Act.Please advise us & ultimately how much we to pay the taxes now.
CAclubindia
