Dear Friends,
I purchased a residential land for Rs 5 lakhs on 20.01.1995. I used Rs 250000 for developing that land in 2007.
I sold the land for 4750000 on 22.01.2009. I put the full amount (4750000)in capital gains avoidance FD in SBI within a week for 1000 days. I think, I have put Rs 10 lakhs more in capital gains FD unnecessarily. On 19.01.2012, I gave a D/D for Rs 3650000 from the capital gains avoidance FD to the builder as full payment for a flat under construction which will be getting completed this Jan 2013.
This is the first flat i have purchased in my name and i have no other flats or houses in my name till date.I feel there is no capital gains tax.
I request opinion from the experts.
Thank you all in advance.
