i m thinking to sell my fifteen acre of land anestreal for sixteen laks due to my family problems.
whether the same amount could attract any income tax?
whether the proceeds of that amount can be remited to my s.b. acct?
please advice me.
regards
mitesh
Under Section 54F of the Income Tax Act, 1961 capital gains arising on transfer of any long-term capital (other than a residential property), would be exempt from income tax if the capital gain is re-invested in a residential property. The assessee should either (i) purchase a residential house within a period of one year before or two years after the date on which the transfer took place, or (ii) construct a residential house within a period of 3 years, after the date of transfer.
The exemption under this provision would however not be available if the assessee:-
ΓÇó owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
ΓÇó purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
ΓÇó constructs any residential house, other than the new asset, within a period of 3 years after the date of transfer of the original asset.
