Capital gain account

sam (student) (35 Points)

11 June 2012  

 

dear Experts,

I have just one question, if MR.B owns 2 flats, 1 shop, 1 agricultural land.

He sales agriculture land, shop and keeps the money in capital gain account.

Below are 3 cases, want to know how to overcome the problem.

Case 1 – He is planning to buy a new flat for which he will be selling one of his 1 flat also.

Case 2 – If he doesnt sale any of his 2 flats owned is he applicable to save income tax by buying new property.

Case 3 – If he wants to pay income tax on capital gain , how he can transfer the money as it is blocked in Capital gain account.

Appreciate your answer in simple words and in case wise format… :-)