Hi
we have sold one property for 20L. and i consulted one auditor for this also.
I have two options either to buy a house in two years / construct one in three years . Till that time the money can be deposited in the Capital gain savings account/desposit.
or I need to invest in 54 EC bonds which has 3 yr lock in.
My doubts
1. we sold it on aug 05. He told till jan 5 i can enjoy by putting that to short term Fd and after six months if i dont have the idea of investing in property i can put that money in 54 EC bonds or if i have the plan of buying the house i can deposit in the capital gain savings account but within 3 yrs jan 2015 i should have constructed one house.
Is this correct or not?
2. what is the Interest rates on the capital gain savings / deposit account ?
3. At the end of the tenure in case i am not buyng any proeprty wht will hapen? They deduct tax and give back the amount right?
Please guide me and clear my doubts.
Regards
Vignesh