Income tax on 34 years old land selling ?

aloke 1
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R/sir. I am Rekha Chatterjee,age56.My late husband purchased 1800 m2, NA land in Lote,Chiplun,maharastra in 1980, at a price 3000.00. Now on 20 th feb/2015 I sold it at 9.0 lacs.I have booked jointly with my present husband (2 nd marriage in 2002 ) a flat in gaur yamuna city ,total price 35 lac. I have FD interest appx 2.7 lcs/yr only. I understand that since the sell-proceed is going to be invested in my new flat,possession by 2016 end,No Tax is payble. Kindly confirm. regards. Rekha.w/o Aloke Chatterjee e.m: [email protected]. +919871208165.

section-54f long-term-gains capital-gains income-tax
1 Answers

Yes, you can claim tax benefits u/s 54F, but there are some conditions for 54F applicability:

  1. You should not be owning more than one residential house property at the time of sale of land.
  2. New residential property should not be sold in next three years of possession.
  3. Possession of new residential property should be received within two years of sale or with one year before sale of plot.
  4. In next three years, total residential house properties owned by you cannot be more than two.
Pankaj Batra5212
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