Residential site sale

Purchased a residential land in 2002 and selling in 2011.Is there any tax implication , if the gained capital used for buying residential land instead of a house.

asked Apr 26 '11 at 03:13 by Property 1111

You will have to compute long term capital gain with indexation calculations. This capital gain will be taxed at 20%.

If you buy another residential land then there won't be any tax exemption available. But if you construct a house on this within three years, exemption will be there.

answered Apr 26 '11 at 07:29 by pankaj 5.2k320


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Asked: Apr 26 '11 at 03:13

Seen: 1,318 times

Last updated: Apr 26 '11 at 07:29