My income details are :
Salary 345149 FD Interest 8842 SB Interest 1711 Dividend 1375
Saving Details : PPF+LIC+NSC 100000 Mediclaim 3090
I have sold a flat purchased in 2004/05 (Cost 420580) in 2014 for Rs.1036500.
I have purchased a land for Rs 347930 in 2014.
Please help me deciding my tax liability for FY 2014-15
If I am constructing a house on the said land, by what date it should be completed to claim tax exemption under sec 54?
Dear Suresh,
Tax liability would be Rs.27,980/- due to Long Term Capital Gain.
Section 54 states that you should purchase residential house or construct it within the time limit prescribed as you said that you have purchased land.
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