Long-term capital gains on sale of a house must be computed under income-tax rules and are taxable if a gain arises. Sale of a house held for five years is treated as transfer of a long-term capital asset; any gain on such transfer is chargeable under Capital Gains and must be computed by applying the statutory rules for determining capital gain, with a taxable liability arising only if the prescribed computation produces a gain.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Long-term capital gains on sale of a house must be computed under income-tax rules and are taxable if a gain arises.
Sale of a house held for five years is treated as transfer of a long-term capital asset; any gain on such transfer is chargeable under Capital Gains and must be computed by applying the statutory rules for determining capital gain, with a taxable liability arising only if the prescribed computation produces a gain.
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