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

link

Know someone who can answer? Share a link to this question via email, twitter , or facebook
.

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×326
×112
×20
×7
×4

Asked: Sep 01 '11 at 23:36

Seen: 1,223 times

Last updated: Sep 02 '11 at 17:48