Sale of residential plot and reinvestement +repayment
Prajnya
(Querist) 11 December 2012
This query is : Resolved
Hello Experts,
Good day.
I would request to guide me in the taxation laws of the sale of residential plot which was actually an investment to pay off the home loan and the insurance with a lock in period of 3 years due from the financial year 2011-2012. But if I sell of the land now for the repayment and the taxes will be applicable then my purpose will not be served.
Please advise me. Also the insurance plan is of life term combined with pension plan.
Looking forward to the reply.
Raj Kumar Makkad
(Expert) 11 December 2012
As the property is a plot so what ever profit you shall gain out of further sale, shall be deemed as you income liable to be taxed as per law without any preferential right of life insurance or any other matter which you have mentioned in the query.
Prajnya
(Querist) 11 December 2012
Thank you Raj sir for the quick reply. A great help to take a decision.
