Sale proceeds of residential plot
This query is : Resolved
06 March 2012
Can i use the sale amount from a residential plot to construct a residential house and not pay the capital gain tax.
With in how much period we have to construct the house
With in how much period we have to construct the house
06 March 2012
Yes, you can avail exemption u/s 54 which provides for exemption from capital gain arising on sale of LONG TERM residential house property if the capital gain is invested in purchase or construction of another residential house property.
The construction has to be completed within a period of 3 years from the date of transfer.
However, if the amount is not invested before the due date of filing the return, the amount has to be deposited in a Capital Gain Account with a scheduled bank.
The construction has to be completed within a period of 3 years from the date of transfer.
However, if the amount is not invested before the due date of filing the return, the amount has to be deposited in a Capital Gain Account with a scheduled bank.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- DIN reactivation
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
