Hi, I am a resident Indian trader from Mumbai. I have a couple of questions regarding my sale of 1 BHK flat from a registered society.
1.. Out of the sale proceeds of the flat, can we invest in land and claim deduction?
2.. I have held the flat for 2 years, am I eligible for exemption from long term capital gains if I do not invest this money anywhere else?
3. Can the sale proceeds come through cash?
4. The agreement value of flat is Rs. 31 Lakhs while the actual deal was made for Rs 38 lakhs, how do I receive the remaining amount? At what value should I pay taxes?
5.. Will this sale constitute my annual income?
6) By when should I buy/invest into a new property after selling my property to claim deduction?
Jan. 09, 2018