longterm capital gain

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

asked Jun 30 '11 at 14:33 by Yogesh Patel 1122

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.

answered Jun 30 '11 at 16:55 by Pankaj Batra 5.2k320


Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Jun 30 '11 at 14:33

Seen: 1,973 times

Last updated: Jun 30 '11 at 16:55