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my own house want to sale ,whether it attract Capital gain ?

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I want to sale my own house , whether it attract capital gain tax.? what is the tax saving remedies.

Replies (2)

It will. To get exemption, it should be a longterm capital asset (held for more than 36 months), the sale proceeds of which is invested, atleast to the extent of capital gain, in purchase of new residential property within a period of one year before the sale or two years after the sale or consruct a residential house within three years of sale and retain the new property at least three years from the date of acquisition.

S No.
Section
54
 
   
1
Kind of asset transferred
Long-Term Capital Asset being House Property used for residential purpose
 
   
2
Eligible Assessees
Individual & HUF
 
 
 
3
Condition of period of holding original Asset
3 Years
 
   
4
Condition of utilization of consideration
Purchase of Residential Housewithin 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from the date of transfer
     
5
Exempt Amount
The amount of gainor, the cost of new asset, whichever is less
 
 
 
6
Other requirements
See Notes 1, 2 & 4
 
 
 

   Part II    
S No. Section 54F 54G 54GA
1
Kind of asset transferred
Any long-term capital asset other then residential house
Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
2
Eligible Assessees
Individual & HUF 
ALL
ALL
3
Condition of period of holding original Asset
1 Year for Shares, Listed Securities, Units of UTI/Mutual Fund specified u/s 10(23D), Zero-coupon bonds, 3 years for other capital assets
No period specified
No period specified
4
Condition of utilization of consideration
Purchase of Residential House within 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from date of transfer
 Acquire similarassets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer
Acquire similar assets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer.
5
Exempt Amount
Refer Note No. 5
The amount of gain or the aggregate cost of new asset, and shifting expenses, whichever is lower
The amount of gain or   the aggregate cost of new asset, and shifting expenses, whichever is lower.
6
Other requirements
Must not own morethan 1 residential house other than the new asset on the date of transfer of original asset; See Notes 2, 3, 4
Must have been shifted to non urban area; See Notes 1 & 2
Must have been shifted to Special Economic Zone; See  Notes 1 & 2
 
    


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