Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176622 Points)
Replied 11 November 2016
@ Ashim: Yes, correct. Time limit is there, means you can open the account before filling the IT return.
Secondly, for exemption u/s. 54F, net sale proceed is considered and not just capital gain.
Ashim kr Ray
(social service)
(1695 Points)
Replied 12 November 2016
Sir,
Is there any consession if the long term capital gain is made by senoir citizenship i.e above 60years.by selling of land.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176622 Points)
Replied 12 November 2016
Except the basic taxable limit of 3.00 lakhs, no special consession available to senior citizen against Long term capital gain.
As your assessee is having other tax exempted income, he can easily reduce tax liability over LTCG by basic limit of 3 lakhs.
Secondly, he can also get exemption u/s. 54EC; i.e. tax saving bonds.
sachin nair
(article)
(32 Points)
Replied 28 November 2016
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India