Long term caital gain

Share
Share This Thread
  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.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
long term capital gain Income Tax Dec 10, 2018
Long Term and Short Term - Gains from Equity Investing Income Tax Feb 9, 2018
LONG TERM CAPITAL GAIN ON SHARES Income Tax Jan 16, 2018
Long term Capital gain - 10(38) Income Tax Dec 19, 2017
How to save tax on long term Capital gains Income Tax Nov 24, 2017