Hi,
I have sold plot in 2006 for which capital gains were around 5 lakhs. This was used to purchase a plot and small house was constructed within a period of 1 year. However i didn't make any declarations in the income tax assessments during the subsequent years. Now its three years since i have constructed the house. Can i sell the house now. and what will be the tax implications?
Thanks & Regards,
since 3 years have been passed
so ur new house has become long term capital asset
on sale it ill attract long term capital gain
no effect on earlier gain.........
Shyam S Gupta and Company
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Abic and Mani Chartered Accountants
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