Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2011
MR. X sold a property on march 2011 at rs 51,00,000 which was purchased by him at rs 10000 on march 1979.
improvement cost near about 5 lacs on march 1994. But no documents(proof) available for the improvement cost.
Please suggest to reduce taxes under various capital gains provisions.
improvement cost near about 5 lacs on march 1994. But no documents(proof) available for the improvement cost.
Please suggest to reduce taxes under various capital gains provisions.
07 August 2011
Pl take a valuation of the property as on 1/4/1981 from an approved valuer.
1) If it is a residential property,presuming that due date of return filing is 31/7/2011,Section 54EC is the only available option for tax savings.
2)If the property is other than the above 54F can be availed.
1) If it is a residential property,presuming that due date of return filing is 31/7/2011,Section 54EC is the only available option for tax savings.
2)If the property is other than the above 54F can be availed.
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