Suyash Kumar (Assistant Engineer) 15 August 2020

Tax on capital gain

I want to sell my residential land purchased before 5 years. Whether I will be eligible to get benefit of exemptions on capital gain tax under section 54 of income tax,if I utilize money thus gained to pay some part of my home loan availed 3 years back to buy a flat.

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Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 15 August 2020

Taxpayers can now obtain a long-term capital gains exemption on the sale of a house by investing in two houses (upper limit of Rs 2 crore). Earlier, the exemption was available for investment in only one property.