Income Tax

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Ashok (Querist)
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25 March 2009
Shop was purchased in the year 1987-88 at 1.50 lacs and renovation to the said shop was made amounting to Rs. 1 lac in the same year.

Now we are expecting sale proceeds in the A.Y 2009-10 amounting to Rs. 25 Lacs.

Kindly let us know the tax implications and or investment to be paid so as to have mimimum tax liability within the legal framework.

Ravi Chandra Prakash

Ravi Chandra Prakash (Expert)
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25 March 2009 The Long term capital gain can be exempted by investing in the specififed assets of NHAI/Rural Electrifictin coporation u/s54EC or can purchase/Construct a residential house subject to conditions specified u/s54F