How to save long term capital gain?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2016 Sir,

I have sold a land with building at the Rs 70lak, but the party will provide me my money in 12EMI basis .Now how to calculate capital gain ,and how can i save Tax as payment is in partly basis .
Please suggest.

CA Vivekanand Pote

CA Vivekanand Pote (Expert)
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06 April 2016 LTCG shall be computed on accrual basis.

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2016 what is the accrual basis???

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2016 sir,
please clear if i received the payment in the installment basic the how can i save Tax in LTCG.

CA ALOK KUMAR

CA ALOK KUMAR (Expert)
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14 May 2016 As and when sale completed (means when sale deed executed), capital gain tax would be leviable. It would be irrelevant, whether payment received in advance, after execution of sale deed or through 12 EMI. You need to calculate LTCG accordingly and pay taxes within the specified time period. So far as concerned to tax saving, there are certain exemptions available U/s 54, 54EC etc. You may get benefit of tax exemption accordingly. For further query you may lon on to www.wealth4india.com or write us at info@wealth4india.com or call us @9266242424 extn. 1 or 11

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