Ltcg reinvestment of total profit on vacant residential site, without construction of house building. What happens if house building is not constructed within 3 years
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(163079 Points)
Replied 10 February 2023
The LTCG exemption claimed over the plot gets taxable, in the 4th year.
sabyasachi mukherjee
(26843 Points)
Replied 11 February 2023
Mukesh J
(5 Points)
Replied 11 February 2023
Can I build small watchman shed, and secondly what is the definition of residential house according to income tax department
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(163079 Points)
Replied 11 February 2023
Yes, but that will not be 'A residential House property"
Residential house property means all types of property which wholly use for residential purpose only. It means commercial property or land are not included under residential house property.
CAclubindia
