According to the few articles available online, long term capital gains on selling a house will not be taxed if the seller uses the profit for a construction of a new house within three years of the sale of the old house.
If a person from the North East India sells his/her house in the city(mainland India) and desires to use the long term capital gains for the construction of a home in his/her hometown where one's s land is not registered under the govt.but under a local body, does the above rule/exemption still stand?? Or is the land to be registered under the govt. first? Thank you
CAclubindia
