I have sold my house which I got built in 2004.
I have also sold my residential plot of land bought in 1997.
How are the sale proceeds taxed? and what may I do to protect myself from paying income tax?
thanks
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Taxation on sale of residence and residential plot
Replies (2)
Both sells attract LT CG. For plot it will be indexed from 2001.
You can purchase a residential house property within 2 years from the first transfer date, & avail exemption u/s. 54 & sec 54F simultaneously.
I jointly (with my wife) own a house. The properties sold were solely in my name. Can I proceed to buy a residential house in my name, sir?
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