thanx sir , i have one doubt . if i have to construct my plot . how much amount i am needed to spend in the construction for trax ezemption. waiting for
1 Answers
In case you buy a plot and get a house constructed on it, whole amount (cost of plot and cost of construction) would be eligible for tax benefit.
In case you already owned the plot but want to construct house on it, the construction amount would be eligible for tax benefit.
To save income tax fully, total cost incurred should be more than sale consideration of old plot (70 lacs).
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