Question
Mr. Madhukar is planning to sell land owned by him situated in an urban area that is being used by his parents for agriculture. He
Mr. Madhukar is planning to sell land owned by him situated in an urban area that is being used by his parents for agriculture. He has received a concrete offer of Rs.50,80,000 on 01.03.2019 whereas the stamp duty valuation is Rs, 60,00,000.
He will need to pay brokerage @2%. He acquired this land on 01.03.2006 for Rs. 3,50,000. He owns only one residential house property. Advise him about investment options to save capital gains tax on the assumption that he wants to invest Rs. 30 lakhs in a residential house. (CII 2005-06: 117 & 2018-19: 280).
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