Hi,
I am Kannan. I have two apartments in my name and recently I have sold my land (sold after 6 years from purchase date) thinking to purchase land within the place where I stay and build an individual house or to buy readily available individual house. I request you to advise whether I have to pay tax for this or if I get a house before July 2018 then I can avoid paying tax ?
please advise. Many thanks.
1 Answers
Dear Kannan,
The land which has been sold, is it an Agricultural or Residential land?
As you already own two houses, I believe that you can not claim tax exemption on these sale proceeds (Section 54F).
You may kindly go through below article ;
https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
Hi Sreekanth, Many thanks for your response. I believe my land which was sold was panchayat patta land. Regards S.Kannan
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