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What is the tax implication from sale of the land?- Property Hotline
Posted
October 20, 2016
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88
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October 20, 2016
88
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1:47Now PlayingExpert: Samir Kanabar, Partner - Tax & Regulatory Services at EY.
Question: My father bought land in 1988 and constructed a home on the land. Last year, the half land was sold to finance the construction of three-storey building on the same land. What is the tax implication from sale of the land?
Answer: When you sell a land, capital gains tax is applicable on it. If the amount and consideration is invested to buy another house then you will be exempted for capital gains tax. Capital gains in the hands of father will be exempt provided the net sale consideration is used to purchase a new house (either 1 year before or 2 years after sale) or 3 years after sale (if constructed) as per section 54F.
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