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Capital gains reinvestment - Stuck with a recent ruling on property registration by Madras High Court

Income Tax - Started By: - Srinivasan Krishnan - Dated:- 23-9-2016 Last Replied Date:- 24-9-2016 - Dear ExpertsI am writing to seek expert advice on a capital gains reinvestment issue that I have on account of a recent ruling by the Madras High Court .....

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ved Bank. As per the CGAS, I had planned to purchase a Plot and construct a house within 3 years, i.e., by February 2017.After a few years search, I had shortlisted upon a Housing Plot / Site (measuring 4500 square feet) in Rural Tamil Nadu (as that .....

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the house (850 square feet) is ₹ 50 Lakhs. The plot purchase and construction was finalised in July 2016, and the advance payment of ₹ 5 Lakhs for the plot was made by me in August 2016. The Plot was to be registered in end-September 201 .....

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17There has been a recent development in Tamil Nadu. As of 9th September 2016 the Madras High Court has banned registration of unapproved plots (please see links below)http://www.thehindu.com/news/national/tamil-nadu/high-court-bans-registration-of-u .....

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ough there is a strong possibility that the High Court ruling will be over ruled and a scheme to regularise unapproved plots will be introduced in Tamil Nadu and this will take a few months to be implemented. This will be too late for me as I will no .....

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years to Income TaxThe delay in buying a plot and constructing a house on the plot is not account of my fault (I must have evaluated at least 10+ plots since Feb 2014, but all plots that I had shortlisted were legally not clear and I have proofs for .....

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in the time frame of Feb 2017I am writing to seek expert opinion on how I can tide over the issues on account of the new ruling by the Madras High Court and not pay Capital Gains with interest for 3 years to Income Tax. Is it possible for me to write .....

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Capital Gains with interest for 3 years to Income Tax? Views and advice from experts will be very much appreciated I look forward to hearing from youKind regardsP S KrishnanChennai - Reply By MARIAPPAN GOVINDARAJAN - The Reply = There may be possibi .....

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