Rathour Sanjeev (4 Points)
16 August 2023Hello Sir,
My query is related to save LTCG (long term Capital gain) arrising from sales of own residential flat in Navi mumbai (Market Value less than 30 lakhs) {FY 2023-24)
1) Can I buy commercial /Industrial gala locally ,from the considered amount from above sold residential Property???
2)If not,what options to save income tax, out of long term cap.gain.
3)Can I re-invest only cap.gain amount in some govt. bonds and use rest money for commerical shop purchase.
Thanks,
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176622 Points)
Replied 16 August 2023
1. No. can't save LTCG.
2. Any residential HP
3. Yes, invest the LTCG amount in Capital Gain bonds of NHAI, PFC etc. and rest of amount as per your wish.
Rathour Sanjeev
(4 Points)
Replied 22 August 2023
Dhirajlal ji,
Thanks for your proper advice. I prefer below your suggested option for capital gain from sale of residential property.
3. Yes, invest the LTCG amount in Capital Gain bonds of NHAI, PFC etc. and rest of amount as per your wish.
Now another Query:
a) Should I open new a/c in bank under Capital Gain Account Scheme under section 54 EC.
Then let buyer deposit all money in that a/c and then invest from their to Govt. Bonds - to save long term capital gain.
Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176622 Points)
Replied 01 May 2024
You cannot invest in LT capital gain bonds from Capital gain account scheme. Both are under different schemes.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
