Sales of flat proceedings
This query is : Resolved
Vaid Mohammed
(Querist)
21 December 2014
Our building have went under redevelopment in which i have received 1350 sq feet for my existing 960 sq feet flat. The building is under construction and posession is expected in 2016 end. Now I plan to sell out my full 1350 area flat. Please advice how much income tax i would be required to pay?
21 December 2014
if you sell and the capital gains you get and if invested u/s 54 to buy a new house or consturcting the same or invest in bonds u/s 50EC upto 50 lakhs in a FY within the time limit under respective sections then u can claim exemption
Rupesh Jain
(Expert)
22 December 2014
you have property exceeds 36 month old then its charge under long term capital gain.
you save capital gain u/s 54 for invest the gain in new period.
you save capital gain u/s 54 for invest the gain in new period.
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