54 cash Options
54 cash Options
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Normally, each time a property is marketed, the financial gain is considered as cash gains. However, in the event the new house is sold in just three yrs with the day of purchase or building, then the price of acquisition will probably be regarded as Nil. Hence, there'll be an oblique rise in taxable cash gains
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The quantity of exemption beneath Portion fifty four from the Money Tax Act with the extended-expression funds gains will be the lessen of:
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According to the money tax act, for the objective of funds gains, belongings are labeled into 2 types dependant upon the Keeping period of the asset:
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In the event the asset is bought while in the PY, and the vendor intends to, but is but to get the new household house given that the cut-off date of two years or three a long time has not still expired, then the assessee is required to deposit the quantity of gains during the Cash gains account plan (in any department of public sector, bank) before the because of date for submitting revenue tax returns.
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