05 April 2011
i have sold my shop in april 2010 @ 8.5 LACS and bought a residential plot in a farm house scheme ...I DONT HAVE ANY HOUSE IN MY NAME uptil now i haVE paid 7.00 lac to builder and rest 1.5 is to be paid in april 2011(this montjh)......
[1]do i need to open cgas acc?? and my whole 8.5 lac is spent in purchasing land for house... consrtuction is remainig yet...
[2]do i need to pay any tax ?
[3] if i aM NOT ABLE TO COSTRUCT THE HOUSE IN COMING TWO YEARS DO I GET ANY PENALTY ??