how to save tax on long term capital gain.
This query is : Resolved
31 August 2016
Sir/madam,
one of ma client has a residential plot rgtd in his name...he took a loan in his name frm a bank of rs 24 lac and constructed the house on the same. in the f y 15-16 his son sold a residential plot of land fr rs 18 lac which is rgstd in his(son) name.and earnd a long trm cap gain of rs 9 lac of the same trnsaction.and dat money trnsfrd in his(son) saving account.and den he himself withdraw the same money in cash. frm dat account and used dat money to pay the loan standing in the name of his father.and deposted in cash in his father loan accnt.father has already been executed a regstd gift deed in his son's name two yr bak.now son has no money to invst in any restial proprty nd capital gain accnt scheme...how he(son) can save tax on dis transaction. and wat effect come on fathers assessmnt.too..
your valuable suggestions requird.
31 August 2016
sorry its not a gift deed.....its a will...which father has executed three yr bak in the name of his son.
01 September 2016
arrange for the money to get the exemption from capital gain....
02 September 2016
then? be ready to face the situation.
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