A sold a residential property IN 2017-18..THE PROCEEDS OF RESIDENTIAL PROPERTY INCLUDING CAPITAL GAIN WAS RS. 35 LAKH. THIS AMOUNT OF RS. 35 LAKH HAS BEEN UTILISED IN BUYING A PLOT WORTH RS. 50 LAKH (BY INVESTING RS. 15 LAKH FROM OWN POCKET. ) in 2017-18 itself that is BEFORE TIME FOR DEPOSIT IN 'Capital gains account scheme 1988" CAME TO END(which date is 31.7.2018).. NOW FOR CONSTRUCTION EXTRA AMOUNT WILL BE REQUIRED WHICH WILL ALSO BE SPENT FROM POCKET, The construction on the plot will be completed within 3 years.of selling the residential property.
Please advise.
1. WHETHER STILL CAPITAL GAIN IS REQUIRED TO BE DEPOSITED IN 1988 SCHEME
2. WHETHER CAPITAL GAIN WILL BE EXEMPT IN THIS CASE IF CONSTRUCTION IS COMPLETED WITHIN 3 YEARS
3. In case reply to query is "Yes" and AS CONSTRUCTION IS YET TO TAKE PLACE HOW PURCHASE OF PLOT WILL BE SHOWN IN INCOME TAX RETURN FOR THE YEAR 2017-18 TO CLAIM EXEMPTION AS THERE IS NO SUCH COLUMN.IN THE ITR
