Is there a capital gains tax on the home you live and later sell and do not buy another home? Which clause of new DTC deals with this issue. I am not talking about investment assets(clauses 46- 55) please help
Gkumar (project manager) (72 Points)
09 August 2012Is there a capital gains tax on the home you live and later sell and do not buy another home? Which clause of new DTC deals with this issue. I am not talking about investment assets(clauses 46- 55) please help
Mayur M. Goswami
(CA Final)
(75 Points)
Replied 11 August 2012
Section 54 of Income Tax Act deals with Capital Gain Taxability..,
the home you live is treated as Residential house and it is taxable under capital gain head if you sell the home.., but this sect 54 applies to long term capital gain..
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
