A Joint-Family stays in a bunglow.
They mutually decided to sell the Bunglow.Suppose the Sale Consideration is Rs 5 Crore.
By calculatiny the Indexation Cost of Accquistion and Improvement, Income From Capital Gains comes to almost Rs50 Lacs.
Now the query is that after selling the Bunglow ,they decided to construct another Bunglow and the constuction will be completed within 3 years.
So the query is that whether the Karta needs to pay "Income from Capital Gain on Rs 50 Lacs or not,beacuse apart from the Bunglow ,the Karta is owing 3 more flats but he is not investing ( to be more precise "CONSTRUCTING") that Rs 50 Lacs in this 3 Premises which he is owing.
(Note : The Bunglow which was sold ,was also registered under the name of "KARTA", and the new Binglow where consruction is carrying on ,will also be under the name of "Karta" itself)
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