Capital gain
This query is : Resolved
chandra prakash sharma
(Querist)
10 August 2011
we have a property by will in jaipur(rajasthan) property was acquiered in 1969 for rs. 28000 and construction cost on same time is rs. 89000
I have sold same for Rs.8000000 (Eight lacs) How capital gain have to reinvest to save tax.
I have sold same for Rs.8000000 (Eight lacs) How capital gain have to reinvest to save tax.
CMA. Murali
(Expert)
10 August 2011
As per Sec 54 -
1. Invest in new house property either by
way of construction or purchase.
2. Deposit in Capital Gain Deposit Account for a period of 5 years, if you do not have plans to buy the property now.
Note - After 5 years, if there is a balance in CG Deposit account it will be subjected to Tax
1. Invest in new house property either by
way of construction or purchase.
2. Deposit in Capital Gain Deposit Account for a period of 5 years, if you do not have plans to buy the property now.
Note - After 5 years, if there is a balance in CG Deposit account it will be subjected to Tax
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