LTCG on property

Sir, For a ltcg of 37 lakhs on property, i have bought a residential land worth 20 lakhs and kept 17 lakhs for construction ( in the capital gain ac in bank) of house on it. its the only residential property I have. When can I sale this house after construction, in case i plan to buy some other better property for myself.

asked Sep 01 '11 at 23:36 by dsaw 1123

If new property is sold within next three years of acquisition, exempted gains amount will become taxable.

So you need to sell new constructed house atleast after three years of construction completion.

answered Sep 02 '11 at 17:48 by pankaj 5.2k320


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Asked: Sep 01 '11 at 23:36

Seen: 1,241 times

Last updated: Sep 02 '11 at 17:48