Quick Mail

Please enter your name

Please type your message


Your captcha code looks wrong

Rashmin Sanghvi & Associates

Chartered Accountants

220, 2nd Floor, Arun Chambers,
Tardeo Road,
Mumbai - 400 034,
Maharashtra, India.

Tel. Nos.: (+91 22) 2351 1878, 2352 5694.

Fax : (+91 22) 2351 5275.

Email : [email protected]

 
Home Articles Taxation         Share :

Budget 2017Chapter G

30. Reduction in the time period for holding of Immovable Property for Long Term Capital Gain [S. 2(42A)]:

30.1 As per the current provisions, if any immovable property, being land or building or both, is held for more than 36 months, it is considered as long-term capital asset. Capital gain on sale is considered as Long Term Capital Gain. Tax rate is lower on such gain. Other reliefs like inflation adjustment and relief for investment in bonds / house property is available to further reduce the tax.

30.2 Finance Bill provides that if any immovable property is held for more than 24 months, it will be considered as long-term capital asset. This is a welcome relief to taxpayers owning land and building. .