Sale of house and buy anoher property
This query is : Resolved
16 May 2012
i have a house which is to be sold out and after that deal i would like to buy an agriculture land so what benefit i would get in income tax
16 May 2012
Capital gain from selling a house can be exempted only if the investment is made in another residential house property or specified bonds.
Investment in agricultural land is NOT eligible for any exemption.
Accordingly the capital gain arising on the sale of the house shall be chargeable to tax.
Investment in agricultural land is NOT eligible for any exemption.
Accordingly the capital gain arising on the sale of the house shall be chargeable to tax.
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