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sale of agricultureal land

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(Querist)
29 March 2010 if Assessee father has agricultural land, which has been sold, and wheter the fund received can be used for assessees house loan?
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
30 March 2010 Yes u can have proper back up papers for IT enquiries.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
30 March 2010 yes, no problem
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
02 April 2010 yes u can. but sure that u have to paid capital gain if any arises from that sale
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
02 April 2010 yes you can use money for purchase or constrect house property.

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