14 August 2017
Hi, Is there any amendment in Section 54 of Income tax Act for AY 18-19 relating to Sale of residential house property and Investment in new residential property?
14 August 2017
Long Term Capital Asset is an asset that is held for more than 36 Months. However, from FY2017-18, the criteria of 36 Months has been reduced to 24 Months in case of Immovable Property (Land, building, House Property). But this change is not applicable to Movable Property such as jewellery. This could be explained with an example- if a house is sold after holding for 24 Months, income arising from the sale shall be treated as Long Term Capital Gain, provided property is sold after 31.03.2017. The change from 36M to 24M (i.r.o holding period of immovable property) is the change applicable from 01.04.2017
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