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the vendor must construct the residential property inside three several years within the day of sale/transfer. In case of compulsory acquisition, the period of acquisition or building are going to be established through the day of receipt of payment (no matter whether unique or additional compensation)

His small children said Mr. Cash Give up his task in December to accomplish the last two summits on his checklist, which he started examining off in 2015. They last noticed their father in April, when he got down to climb Mount Everest, his seventh and remaining goal.

The amount of exemption under Section 54 from the Profits Tax Act with the lengthy-term money gains would be the reduced of:

The vendor should really purchase a residential house either 1 yr before the day of sale/transfer or 2 yrs after the date of sale/transfer. In the event that the seller is constructing a household, the seller has an extended time, ie.

If the new dwelling is sold in just 3 a long time through the date of obtain or building,  then the exemption claimed before below area 54 shall be indirectly taxable in the yr of sale of the new dwelling house.

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Reply Khristina Wonderful go through! I’ve tried using a lot of things, and I’m not trying to get prosperous, just make enough for fuel revenue, a date night, or pay a Monthly bill at 54 cash the end of the month.

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The brand new household dwelling need to be in India. The vendor are unable to get or purchase a residential home abroad and declare the exemption.