Income Tax Site India
July 20th, 2009
Question: Income Tax beneift on Site Purchase?
Hi ,
If I buy a site in India, will I get any Tax benifit as we get when we buy house ?
TIA
Answer: You have sold a house and got some Long term capital gains and you want to adjust the gains by purchase of a site. Yes?
You will not get any benefit or your gains cannot adjusted by purchase of a site. If you can build a house within 3 years on that site, then you can adjust the gains.
Or you have to buy a house within one year from the date of sale of the house.
xxx
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India’s own Income Tax Return Preparation website – TV9 (Kannada)
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