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Income tax on sale of urban plot and buying agriculture land
- Thread starter Saipsy
- Start date
Yes
Even if you transfer all the proceeds towards buying a residential property it will have 0 tax liability until 10 crs
Even if you transfer all the proceeds towards buying a residential property it will have 0 tax liability until 10 crs
Saipsy
TF Premier
Yes buying house we can offset tax liability.
how about when buying agriculture land/.?
I guess real estate in general gas a rebate
If you have approx sale price then calculate capital gain first. After indexation there might loss or too little gain, then plan accordingly.
Also buying agriculture land is not going to reduce your tax liability. You either have to buy residential property or invest the money in specified bonds. There are also other exemption available u/s 54.
Last edited:
Saipsy
TF Premier
It's in gain, approx 20L.
Is there any way to offset LTCG on that 20L apart from investing in house or tax saving bonds?
No other way.
Yes
Make your children or parents co owners ND split the profit of 20L in 4 slabs of 5.
0 tax on this.
But note paperwork and ll would be tedious
Make your children or parents co owners ND split the profit of 20L in 4 slabs of 5.
0 tax on this.
But note paperwork and ll would be tedious