capital gains account

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  1. Satish Kumar Jindal

    Satish Kumar Jindal New Member

    I sold residential house for a total sum of Rs.93.00 lacs during financial year 2015-16 say May 2015. I had invested a sum of Rs.5.00 lacs in the year 1994-95.Indexed cost comes out nearly 20.00 lacs. Now I plan to deposit a sum of Rs.73.00 lacs in capital gains account before 31st July 2016.The amount will be utilized for purchase of residential house in the financial year 2016-17. Now please clarify:
    1. Will it be ok if I invest73 lacs in capital gains account as narrated above.
    2.I have no other records of investment of 5.00 lacs in the year 1994-95. Plot was allotted by Huda. Conveyance deed is for Rs.53000. Another Rs.
    447000 was spent on construction. Will income tax authorities ask for any proof of investment. If yes what is the way to prove investment.
    3. If I purchase the new residential house for a sum of Rs.120 lacs in joint name with my son(my share 3/4 my son share 1/4) by investing Rs.73 lacs from my Capital gains account, Rs. 17 lacs from my S/B Account, and 30 lacs will be contibuted by my son, will it be all ok to satisfy use of amount held in capital gains account.
    4. please suggest if any other point needs to be taken care of.
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