19 June 2017
Dear Sirs and Friends,
One of my friend had purchased a peoperty worth 90 lacs for 67 lacs he had made an agreement of 40 lacs and had taken a loan of 32 lacs for the same. Now he wants to sell this property after 2 years. My question is what will be the Capital gain and howcan he save himself by avoiding tax . What he do to avoid huge tax. Pleae help ist urgent
19 June 2017
Invest amt of capital gain in other residential house property for exemption u/s 54.
You can invest in notified bonds to get exemption upto Rs.5000000/- u/s 54EC
Note than both cant sold in next 3 years.
CAclubindia
