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REINVESTING PROCEEDS OF CAPITAL GAINS

Income Tax - Started By: - Srinivasan Krishnan - Dated:- 5-3-2016 Last Replied Date:- 28-11-2016 - Dear Forum MembersI had sold a property in June 2013 and out of the Capital Gains arising out of the sale of the property, I have invested in land and building. As per the Income Tax Act I had to invest ₹ 46 Lakhs either towards an apartment by June 2015 or buy a land and construct a house by June 2016 to avoid paying Capital Gains TaxI bought a vacant land in September 2015 for ₹ 90 La .....

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e an Electricity Connection and a certificate from the contractor for completing the foundation and plinth. Is this good enough for Income Tax or would I have to pay Capital Gains tax as I have not completed a house or a dwelling unitSuggestions from experts will be appreciatedRegardsSrinivasan KrishnanChennai - Reply By MARIAPPAN GOVINDARAJAN - The Reply = In my view you to have to complete the construction to claim exemption from capital gains tax. - Reply By Srinivasan Krishnan - The Reply = .....

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