Hi ,
If I buy a site in India, will I get any Tax benifit as we get when we buy house ?
TIA
2006-12-03 17:00:57 · 3 answers · asked by SVJ 2 in Business & Finance ➔ Taxes ➔ India
You have sold a house and got some Long term capital gains and you want to adjust the gains by purchase of a site. Yes?
You will not get any benefit or your gains cannot adjusted by purchase of a site. If you can build a house within 3 years on that site, then you can adjust the gains.
Or you have to buy a house within one year from the date of sale of the house.
xxx
2006-12-04 01:49:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you purchase the land, you won't get any tax benefit. If you purchase the house with some bank loan, then you will get the tax exemption on the interest amount which you are paying as EMI. Also you will not be eligible to get the HRA from your company. Even you get, the amount will be taxable because you are owning one house.
2006-12-04 01:18:47 · answer #2 · answered by Bala 2 · 0⤊ 0⤋
Bala and Reddy gave correct answers.
2006-12-04 10:26:34 · answer #3 · answered by J.SWAMY I ఇ జ స్వామి 7 · 0⤊ 0⤋