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
Replies (2)
Quick Summary
This discussion clarifies the Capital Gains Tax (CGT) implications for selling a house built in 2004 and a residential plot purchased in 1997. Both sales are subject to long-term CGT, with the plot's cost indexed from 2001. The user can potentially claim exemptions under Sections 54 and 54F by purchasing a new residential house within two years of the first sale, even if the new property is bought solely in their name while the previous ones were jointly owned.