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Tax on sale of unfinished commercialy approved property
we have proposed to sell unfinished commercially approved property . amt so far invested in construction of bldg. is 15L . purchase price of land in 1987 was 60k. expecting a price of 2 cr .property in name of two people. what can we do to save LTCG as much as possible if we end up selling . buyer is deducting 8 %TDS on full amt . is that rate of tds correct
Replies (2)
TDS rate u/s 194-IA is 1%.
Long term capital gain will have to be invested in another property to claim exemption. Since there are two owners, both shall be liable to LTCG.
Do we have to invest full amt or only the LTCG portion In another property . Can we invest in a commercial property or agri land and still claim benefit or should it be a house property only
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