Capital gain

This query is : Resolved

jugal kishor (Querist)
Follow

30 November 2012 by selling a residential property long term capital gain is arrising bt i m utilising the full amount in purchasing a land then is there any liability for paying tax if i dont construct the house within 3 years?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
Follow

30 November 2012 yes you need to construct within 3 years if you want to get exemption from capital gains

you can do one thing
you can purchase the land and construct a small medium house
then you can take deduction of both land and construction cost

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

30 November 2012 Dear Mr. Jugal,

You will get exemption from capital gain only if you purchase or construct the residential house within 3 years.
Further, no exemption will be given for purchasing land unless there is residential house on it.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Suvigya Tiwari

ANUPAMA L KANT

Abhishek Kabra

MUNISH KUMAR

Tushar Gupta

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Accountant

Article Assistant

GST CONSULTANT