I have sold my house which I got built in 2004.
I have also sold my residential plot of land bought in 1997.
How are the sale proceeds taxed? and what may I do to protect myself from paying income tax?
thanks
Both sells attract LT CG. For plot it will be indexed from 2001.
You can purchase a residential house property within 2 years from the first transfer date, & avail exemption u/s. 54 & sec 54F simultaneously.
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