If an ancestral property (house) within municipal limits is sold after felling it down as it was very old structure would the gains be classified as LTCG from sale of plot or LTCG from sale of house? What are the options available in both cases to save tax?If it is income from LTCG on plot, can one save it by investing in capital gain bond within 6 months?IS any document like copy of registry required while showing the LTCG income in tax return?
We have purchased a plot in an approved colony within 4 months of sale of the property. My question is if we are to construct a house within 3 years to claim LTCG exemption, is there a rule on type of construction as only 25% of total area needs to be constructed otherwise as per the authorities. Is any completion or occupation certificate required for claiming LTCG exemption.
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