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Income tax on on sale of house or land

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 November 2014 If I sold the house and land , of which amount is less than Rs. 30 Lacs , is it necessary to declare in Income tax return and if In vest the same money in purchasing new houses , whether income tax is applicable
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 November 2014 yes. you still need to declare the same.

if the exemption under section 54/54F is claimed, no tax will be payable..

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