Income tax on sale proceeds of Land Property

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If you've recently sold land, you may be liable for income tax on the sale proceeds. Depending on how long you held the property, this could be treated as a short-term or long-term capital gain. You might be able to claim an exemption from this tax by reinvesting the proceeds into another property, as outlined in sections 54F and 54E of the Income Tax Act.

sudhir ch. saha

sudhir ch. saha (Querist)
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15 March 2024 Sir,
Very recent I have sold a land property . Is there any income tax involvement ?
With regards,
Sudhir Saha

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 March 2024 depending on the period of holding, short/long term capital gains may apply. For seeking exemption, explore section 54F, 54E etc.

sudhir ch. saha

sudhir ch. saha (Querist)
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16 March 2024 Sir,
It was ancestral land property in the name of my wife.
With regards,
Sudhir Saha

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 March 2024 long term capital gains may apply..depending on the cost and sell price. if there are any capital gains, you can reinvest as per section 54F and 54E to claim exemption.

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