Income tax on on sale of house or land
This query is : Resolved
Querist : Anonymous
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
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..
if the exemption under section 54/54F is claimed, no tax will be payable..
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