A residential property was sold in Dec 2009 with long term capital gains. A plot of land purchased in May 2012 and house to be constructed before Dec 2012. Whether the long term capital gains will be exempted from tax, as construction is completed before 3 years from sale of the property? Note: No amount invested in bonds/special account for the purpose.
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Long term capital gains - tax planning
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Yes it will be exempt from CG tax provided the entire capital gains is being invested in the residential property constructed within 3 years from the date of trarsnfer taking place.
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