Capital gain
This query is : Resolved
30 November 2012
by selling a residential property long term capital gain is arrising bt i m utilising the full amount in purchasing a land then is there any liability for paying tax if i dont construct the house within 3 years?
30 November 2012
yes you need to construct within 3 years if you want to get exemption from capital gains
you can do one thing
you can purchase the land and construct a small medium house
then you can take deduction of both land and construction cost
you can do one thing
you can purchase the land and construct a small medium house
then you can take deduction of both land and construction cost
30 November 2012
Dear Mr. Jugal,
You will get exemption from capital gain only if you purchase or construct the residential house within 3 years.
Further, no exemption will be given for purchasing land unless there is residential house on it.
You will get exemption from capital gain only if you purchase or construct the residential house within 3 years.
Further, no exemption will be given for purchasing land unless there is residential house on it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
