House hold property

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6 Points Posted on 28 December 2022

If someone sale  the house built on his abadi land, then how can he save tax on the amount received from it?

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On 28 December 2022 at 11:19 Report
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This discussion explores tax-saving options when selling a house built on abadi land. It highlights exemptions available under Section 54 of the IT Act by purchasing a new house property, or under Section 54EC by investing in capital gains bonds. The content clarifies that money spent on building a new house property can also qualify for exemption from long-term capital gains tax on the sale of the existing house.

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SEO Sai Gr. Hosp.
212503 Points Posted on 28 December 2022

By purchase of any house property as specified u/s. 54 of IT act....

Or by purchase of capital gains bond as specified u/s. 54EC of the act..

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On 28 December 2022 at 15:24
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6 Points Posted on 28 December 2022

Will the money spent to build that house be exempt?

 

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On 28 December 2022 at 19:17
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SEO Sai Gr. Hosp.
212503 Points Posted on 28 December 2022

Money spent to build any new house property will exempt the LTCG of the present house sold.

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On 28 December 2022 at 20:48
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6 Points Posted on 29 December 2022
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On 29 December 2022 at 18:54

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