Income generated from selling ancestral land,how to save tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2015
Sir,
I have long time capital gain by selling a land for Rs 1crore ,now i want to how to deal with that money as i am in no mood to give tax right now.I have think to build my own house or to purchase a another land in future.
So please advice me.
I have long time capital gain by selling a land for Rs 1crore ,now i want to how to deal with that money as i am in no mood to give tax right now.I have think to build my own house or to purchase a another land in future.
So please advice me.
Nikhil Kaushik
(Expert)
17 December 2015
you have to construct or buy a house. Mere purchase of land won't give you any deduction. Also, you have option of investing upto Rs 50 lakhs under section 54EC in NHAI/REC bonds.
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