Long term caital gain

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  1. jayanthm

    jayanthm New Member

    I have made long term capital gain rs.15 Lakhs on sale of house on 21-5-2015,
    I purchased site for 18 lakhs by 10 lack loan and 8 lakh own funds on 17-3-2016
    I will start construction of house in August 2016 and i will complete it by May 2017,
    Now whether i have to pay tax on LTCG.
    If i could not construct house within time prescribed how much tax i have to pay and in which financial year.
     
    Last edited: Jun 2, 2016
  2. ZED

    ZED Well-Known Member

    File your return within due date and claim exemption u/s 54
    Kindly go through the provision once to see if you satisfies all the prescribed conditions of the section.
    If exemption is claimed and house is constructed within 3 years . Otherwise you will have to pay that much tax as capital gain which was exempted earlier.
     
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