hi i have today signed an "aggrement to sell " for residential land in gurgaon for 2 crore rs.
payment terms are
i have recvd immidiate payment for rs 75 lacs and bal payment of rs 1.25 crores in may 2013.
i am purchasing a builder floor in south ex part 2 new delhi - for rs 2.5 crore (i will be signing an aggrement in the next 15 days )
i will be paying the amount i am receiving from the sale of my land -as above- as and when i recive the same ie 75 lacs immidiately and 1.25 crores in may 13 and the bal i will remit from dubai (i am a nri) at the time of registry in mid 2014 .
my questions are as follows.
1. if i am paying for my flat - as and when i am receiving my payment for the land sale- am i required to open a capital gain
a/c or i can receive the money in my nro account and pay from same to the seller of the flat i am buying.
2 the seller of the flat is also asking me to pay on his behalf directly to the builder of the flats. can i pay directly to the builder instead of the developer if he instructs me in writing to do that ??
3. pl note that the payment for the sale of my land is being received in two financial years ie 2012-2013 and 2013-2014.
but the payment to the develper /builder for the flat i am purchasing is also being made in the same year infact immidiately on receipt of the payment.
pl advice if the above is ok by tax
lawa and do i need to open a capital gain a/c or not.