Taxability of Real Estate transactions
Taxability of Real Estate transactions
Taxability of Real Estate transactions
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Pr<strong>of</strong>it on sale <strong>of</strong> property<br />
used for Residence<br />
Section 54<br />
Basic Conditions<br />
- Individual or HUF<br />
- Transfer <strong>of</strong> long term capital asset<br />
- buildings or lands appurtenant thereto<br />
- Residential house<br />
- The income <strong>of</strong> which is chargeable under the head “income<br />
from house property”<br />
Compliance for exemption<br />
- Purchase a residential house<br />
- one year before<br />
- two year after<br />
the date <strong>of</strong> transfer<br />
- constructed a residential house<br />
- with in period <strong>of</strong> 3 year<br />
after the date <strong>of</strong> transfer<br />
- Restriction on transfer <strong>of</strong> new asset
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