capital gains tax
This query is : Resolved
Rekha Khandelwal
(Querist)
03 December 2008
I have sold a land and have long term capital gain. I want to know the tax implication and how can I avoid capital gains tax. Because I have come to know that if I invest my sale proceeds in some specified place I can avoid the tax. Please tell me how?
CA Tilak Raj Sharma
(Expert)
03 December 2008
You can save your tax as below:
The money should be invested in Bonds issued by NATIONAL HIGHWAY AUTHORITY OF INDIA and RURAL ELECTRIFICATION CORP. within 6 months of the transfer of LAND.
The exemption amount will be lower of capital gain or the amount invested in above bonds. (SEC. 54EC)
The money should be invested in Bonds issued by NATIONAL HIGHWAY AUTHORITY OF INDIA and RURAL ELECTRIFICATION CORP. within 6 months of the transfer of LAND.
The exemption amount will be lower of capital gain or the amount invested in above bonds. (SEC. 54EC)
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