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Capital gain tax planning

arjun (student) (57 Points)

18 June 2016

ONE OF MY CLIENT HAS SOLD HIS COMMERCIAL PROPERTY IN JUNE 2016. HOW TO INVEST SO THAT CAPITAL GAINS TAX CAN BE MINIMISED OR ELIMINATED ENTIRELY?

APART FROM ABOVE HE HAS AN EXISTING LAND IN WHICH HE IS A CO-OWNER

ANSWERS ARE WELCOME

THANK YOU

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 18 June 2016

Dear Arjun, you can invest such amount in purchasing one residential house property in India within the time limit provided under the section if such person does not owns any other residential house property as on the date of purchase and claim exemption u/s 54F or you can invest in notified government bonds of NHAI or REC within 6 months of date of transfer,however investment shall be subject to limit of Rs.50Lac in respect of capital gains arisen for a particular A.Y.