My query is 1) Land purchased in the year 1981-82.Rs. 10,000/- 2) Residential building constructed (from 1/04/2007-31/03/2009)in the year 2009 within 2 years construction completed.cost Rs. 2,00,000/- 3)House propety sold in the year 2009-10 Rs.5,00,000/- what is the tax implication and under which section assessee can get exemption
05 October 2011
ON LAND CAP GAIN WILL BE ltcg ON BLDG IT WILL BE STCG U CAN CLAIM EXEMPTION UNDER SECTION 54EC/54F IF U COMPLY WITH CONDITIONS MENTIONED THEREUNDER
CAclubindia
