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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2012 My friend has a agriculture land within municipality area. sale value per acre is 70lakh..the land came to him by inheritary ..how can he save tax without depositing cap gain scheme and without buying another agriculture land.. my friend wanted to repay loan and with bal amt wanted to business...
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
29 March 2012 If the gain is LTCG, he has the following options:

1. He can invest the capital gain in specified bonds and claim exemption u/s 54EC.

2. He can invest the NET SALE CONSIDERATION in a residential house property and claim exemption u/s 54.

The first option involves less outflow and the balance amount can be used to repay the loan and invest in business.
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