22 August 2012
Dear, I want to ask about section 54 of income tax act. Actually I am selling my house very soon so i want to ask what should I have to do to save my tax on capital gains resulting from difference in circle rates prevailed at the time of purchase and rates prevailing now?... What is the time limit to invest in new residential property? What is required tax rate?
22 August 2012
To save tax you can purchase a new residential property : Purchase 1 year backward or 2 year forward. Construction 3 year forward
You can also deposit in Capital Gain deposit account scheme
Querist :
Anonymous
Querist :
Anonymous
(Querist)
22 August 2012
Thanks Mam. The Scheme you mentioned above is available only in all public banks or as well as private banks also& if not then how we can deposit in such a scheme?
CAclubindia
