I have 1 factory land ( unauthorised colony) i have purchased it for Rs 5 Lakhs in 2013 now in 2018 i am getting Rs 20 Lakh of same place.......................................how could i ignore Long Term Capital Gain Tax liability as i want to purchase new residential house of 25 lakh..............so please tell would any TAX would be applicable on me or not
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Capital gain sale of factory land of unauthorised colony
Replies (2)
yes , factory is commercial property. when u sale it will consider as longturm capital gain for 20,% tax. when u buy house for the same amount no indication benefit tou.
Exemption u/s 54F can be availed. No tax liability if the gross amount invested in residential house; subject to fulfillment of other conditions of the section.
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