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capital gain

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(Querist)
15 January 2009 Hi all
if i am selling a gifted land what should I do apart from claiming exemption u/s54, in order to avoid the capital gain tax.

Please reply asap.

Thanks
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
15 January 2009 Gift also considered as a mode of transfer u/s 47.In that case cost to the previous ower be considered as cost of acquisition to the assessee.if you sell the lannd also come within the tax net of capital gain.You can claim excemption u/s 54 to avoid the burden of tax.
Profile Image

CA.ViVeK M ACA

Profile Image

CA.ViVeK M ACA (Expert)
15 January 2009 Gift also considered as a mode of transfer u/s 47.In that case cost to the previous ower be considered as cost of acquisition to the assessee.if you sell the lannd also come within the tax net of capital gain.You can claim excemption u/s 54 to avoid the burden of tax.
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