Capital Gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 April 2010
Dear Sir
i want to know that we have invest those amount on which capital gain applicable or whole amount realise from sale of property to escape from capital gain.
i want to know that we have invest those amount on which capital gain applicable or whole amount realise from sale of property to escape from capital gain.
27 April 2010
Under Section 54 of the Income Tax Act, 1961 any capital gain arising from the transfer of a residential house property which is a long term asset, is exempt from tax, provided that the assessee has purchased within a period of one year before the transfer (or within two years of the transfer) or has constructed a residential house property within a period of three years after the date of transfer.
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