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Income Tax

This query is : Resolved 
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(Querist)
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.
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Ravi Chandra Prakash

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Ravi Chandra Prakash (Expert)
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
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