Closing Residential Property With Built-in Gain
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How to fill out Contract To Assist Real Estate Agent Or Realtor In Closing Sale Of Residential Property?
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FAQ
One of the most popular ways to save tax on the sale of residential property is to reinvest the capital gains in another residential property. To qualify for this exemption under Section 54 of the Income Tax Act, 1961, you will need to purchase a new property either one year before or two years after the sale.
Exemptions on Long-Term Capital Gains Tax Residential Indians of 80 years of age or above will be exempted if their Annual Income is below Rs. 5,00,000. Residential Indians between 60 to 80 years of age will be exempted from long-term capital gains tax in 2021 if they earn Rs. 3,00,000 per annum.
Under Section 54, you are exempt from paying LTCG tax if you buy a new house either 1 year before the sale of the old property or within 2 years of selling it. If you are planning to construct a new house, this should be done within 3 years of sale of the old property.
Section 54 of the income tax act states exemption on long term capital gains for the sale of a residential property. Entire capital gain needs to be invested to claim full exemption. When entire capital gains is not invested the leftover amount is charged for taxation as long term capital gains.
Explanation: The exemption under section 54 is allowed only if the capital gain arises from the transfer of a long-term capital asset being a residential house property or land appurtenant thereto whose income is taxable under the head of 'income from house property'.