I have received salary income from pvt company. we are five sons to our father and he is passed away. One land in our father name and we sale the land some amount of share i have received and invest the amount in flat (and part amount get loan from Indian bank). if i report this transaction to Income tax return.
21 June 2016
yes if sold land is old more than 3 year then you can take the benefit of 54F for investing the entire sale consideration in new flat and get the benefit for capital gain exemption. if it was not old than 3 year then you have to pay the tax if it is not the agriculture land. due to gain on agriculture land is exempt under income tax act.
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