samuel (data entry operator) 06 August 2021
Sir,
I have no proper house. I want to build a new house in a vacant land by selling another land in town limit. It is likely to fetch Rs.14 lakh. Is it taxable. If so can I avoid paying tax by putting some amount in bank fixed deposit. How much will I have to put in bank fixed deposit to avoid paying income tax. Please help.
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 06 August 2021
You can avoid tax burden by doing the following.
you can substantially reduce it by using one of the following methods:
Neha Sharma (Student) 05 January 2022
If you sell a plot of land to construct a house, exemption can be claimed under Section 54F and the capital gains will get exempted from the levy of tax
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