Urgent- long term capital gain query
This query is : Resolved
23 December 2011
I have sold a 1000 sq. yards land and have a long term capital gains on that. Now my query is that
1. If I purchase another 1000sq. yards "LAND" only, will I get exemption from Income Tax on such Capital Gains u/s 54F?
2. or should I purchase a "HOUSE" only to get such an exemption ?
1. If I purchase another 1000sq. yards "LAND" only, will I get exemption from Income Tax on such Capital Gains u/s 54F?
2. or should I purchase a "HOUSE" only to get such an exemption ?
22 May 2012
Exemption is available only if residential house property is purchased.
It is not available if land is purchased. However, if you plan to construct a residential house property on the land, then the exemption will be available.
It is not available if land is purchased. However, if you plan to construct a residential house property on the land, then the exemption will be available.
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