Income tax on sale proceeds of Land Property
This query is : Resolved
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sudhir ch. saha
(Querist)
15 March 2024
Sir,
Very recent I have sold a land property . Is there any income tax involvement ?
With regards,
Sudhir Saha
Very recent I have sold a land property . Is there any income tax involvement ?
With regards,
Sudhir Saha
Nikhil Kaushik
(Expert)
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
(Querist)
16 March 2024
Sir,
It was ancestral land property in the name of my wife.
With regards,
Sudhir Saha
It was ancestral land property in the name of my wife.
With regards,
Sudhir Saha
Nikhil Kaushik
(Expert)
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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