land
Uday Krishna Dussa (Article assistant) (59 Points)
17 July 2016
recently I purchased a land and I sold within 1 year whether I will get any tax if yes kindly provide under which sec .
2 Replies
CA Karan Sathe
(CA )
(564 Points)
Replied 17 July 2016
STCG U/S 111 @ 15% . CHECK SECTION 54 FOR EXEMPTION . FOR EXEMTION YOU HAVE TO INVEST MONEY
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 17 July 2016
Hii Mr.Karan, just to correct you that,you can claim exemption u/s 54 only in case the transferred residential house property is a long term capital asset and such gain is invested in purchase of residential house property.
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