sir i have purchased two shops in 2005 for 10,00,000 and now i have sold it for 28,00,000 and now iam planning to buy a residental plot for 28,00,000 in the heart of the city now plz tell me wheather the capital gain amount which i invest in residental land is exemtable or not if not tell me the ways to save tax
1 Answers
If you buy a residential plot, no income tax exemption will be available.
But if you construct a house on this plot within three years from sale of shops, income tax benefit can be availed. There is another condition on it that you should own more than one residential property at the time of buying new one.
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