20 March 2012
If a person sell property and generatre a short term capital gain/long term capital gain. Are any capital bond availabe to save such capital gain. If not so how this capital gains has to be save from income tax.
20 March 2012
1.only long term capital gain can be saved from tax.
2.purchase the same asset which is sold equal to long term capital Gain amount within 2 years from the date of transaction and should not be sold within 3 years. if it is not purchased before due date of filing return than deposit the amount of gain in a separate capital gain account with the bank.
3.if same asset not purchased than other capital asset investment must be equal to consideration.
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