Income tax calculation

Suresh (AO) (28 Points)

14 April 2015  

My income details are :

Salary  345149  FD Interest 8842 SB Interest 1711 Dividend 1375

Saving Details :  PPF+LIC+NSC  100000   Mediclaim  3090

I have sold a flat purchased in 2004/05 (Cost 420580) in 2014 for Rs.1036500.

I have purchased a land for Rs 347930 in 2014.

Please help me deciding my tax liability for FY 2014-15

If I am constructing a house on the said land, by what date it should be completed to claim tax exemption under sec 54?