Save your tax when you sell your residential property.

 Have you ever heard about Capital gains tax? I guess people other than CA guys may not know. But don't worry. You don't have to start searching about it everywhere on the internet. Let me make it easy for you. In simple and layman's language, It's a section which saves lacs of your tax and your tears too.

From the reference of this section, you can not only save your hard-earned money but your parent's money too typically after their retirement. 
Many people sell their property like flats or houses and a heavy tax is being levied on them. The amount is as much as you can purchase at least an iPhone 12 from that tax. But moreover, it depends upon the sale price of your house. 

How this section works on your tax savings 
Applicability - first of all, this section only applies to residential properties. When you sell your residential property and purchase another residential property against the money you got from the sale. Under this case, you will get an exemption from tax under section 54. 

Time Limit - The time limit within which you have to purchase and construct another residential property is as under - ( After following this you can eligible for tax savings)

  • Purchase another residential property within 1 year from selling your previous property, or
  • Construct another residential property within 3 years from the sale date, or
  • Purchase within 1 year before selling your existing property.
How much tax can be exempted - Cost of a new house or the amount you deposited in Capital gain deposit scheme. 

The motive of writing this blog is to make you aware of the tax you can save from this section from the sale of your house. Just don't be an owl of the night and pay excess tax, which you can save from this little knowledge. 

For any kind of doubt and 
free consultancy services. 
contact at this email - aman7504271532@gmail.com



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