When a long-term capital asset like a house property or long-term bonds are sold, the gains are usually very large and are taxed at 20%. Thus, the tax liability on this profit also turns out to be a substantial amount as a long-term capital gains ...
Yes, u/s 54F, any gain arising from sale of long-term asset can be tax exempted if the entire sales proceeds are invested in · Purchase of one residential property within one year before or two years after the date of transfer of the asset, or ...
You will receive the intimation u/s 143 (1) within a year from the filing of returns. If you don’t receive any intimation within this time, it means that the returns are not required to be revised or modified.
In order to be eligible for the benefit under this section the NEW house must be purchased within a period of ONE year BEFORE or TWO years AFTER the sale of original asset.