Capital gains

This query is : Resolved

K R Reddy (Querist)
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10 October 2014 Dear Professional Experts,

My father has sold his urban land, which will attract the tax provisions of Long term Capital gains.

The sale consideration is in huge amounts but we sated in registration documents comparatively less.

So please advise me how to reduce tax burden, without causing any problem to buyer.

And please advise me on TDS matters as well as other provisions which will help to reduce the tax liability.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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11 October 2014 As per the provisions of section 50C long term capital gains are to be computed taking into account registrar's value as sales consideration irrespective of actual sale consideration. One way to reduce tax burden is to invest the sale consideration in a residential house within the time period specified in section 54F. Another way is to invest the gain amount in specified bonds within 6 months from transfer to claim exemption u/s 54EC.

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