Long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2013 Dear sir,

My client is selling a land & building for Rs. 1.08 crores. The land was purchase in the year 1984 for Rs. 30000. The house was built in two units. 1st unit was built in the year 1984. & 2nd unit was built in the year 1989. The area of the land is 30*40 i.e 1200 sq ft. The stamp duty is paid on Rs. 43.40 lacs. Balance of Rs. 64.60 lacs is received in the black money. But he donot want to disclose the black money of Rs. 64.60 to the department. He is ready to pay LTCG on Rs. 43.40lacs. He is planning to buy another land & construct the building with in 2years.

For the year he is planning to post pone the construction to the next FY 2013-14.

Till that time what is that i have to do?

Please guide.

with regards,

R. Gurucharan.