If a person has own house for residential purpose,he wants to build new house instead of old house. and he doesn't have money to build their new house So,he sold his another land to contruct that house for 30 lakh.So, what exemption or benefit he will get???and is he liable to capital gain??How much amount taxable?
No capital gain... Plz refer section 54(1)...if u invest all ur capital gain either in buying another house within 2 years or in case of constructing another house within 3 yrs from sale of old house
CAclubindia
