Sirs, I have inherited a piece of residential land from my father about 10 years ago. Now I am planning to sell the same. I am going to deposit all the sale proceeds in Capital Gains Account.
Q1. Whether I may utilise this money for purchase of flat. If yes, within how many years.?
Q2. Whether I may utilise this money for purchase of vacant housing plot?
Q3, Whether I have to pay tax if I do not utilise the amount for purchase of property after 3 years.If yes, What is rate of Tax?
Q4. Whether interest earned on the Capital gains account is taxable?
I would be highly grateful to your kind advise.