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.
1 Answers
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.
Related