I searched the forum but couldn?t find similar question asked anywhere.
I have exchanged contract for a land purchase in Oct 2014. Land settles in July 2015.
If I sell the land in Nov 2015, my understanding is that I have to pay capital gains tax for 50% of the profit made?
But what is the rule if I build a house and sell it in Nov 2015? Would the same rule applies?
I have exchanged contract for a land purchase in Oct 2014. Land settles in July 2015.
If I sell the land in Nov 2015, my understanding is that I have to pay capital gains tax for 50% of the profit made?
But what is the rule if I build a house and sell it in Nov 2015? Would the same rule applies?