Section 54 of income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2012 Dear friends,
I had sold a property in October 2011. I have invested that amount in SBI LTCG account.
I wanted to enquire:

1. When is the time line before I have to invest in a new property to save tax ?

2. How many years I have to hold the property (Is it after posession or after I receive the allotment letter)

3. Do I have to invest in residential if I have sold a residential property or I can invest in commercial too ?

Thanking you !!

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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13 October 2012 1.uneed to purchase new house within two yrs from date of transfer or construct new house within three years from date of transfer.
2.u need to hold new house for three years from date of acquisition
3. yes u will have to invest in a residential house
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 Thank you Manoj ji,

I am confused over second point. i.e I have to hold for three years from date of acquisition.

Getting allotment letter from builder is acquisition or getting possession is ?

Please advise and oblige !!

Thank you again

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