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Income Tax

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19 June 2017 Dear Sirs and Friends, One of my friend had purchased a peoperty worth 90 lacs for 67 lacs he had made an agreement of 40 lacs and had taken a loan of 32 lacs for the same. Now he wants to sell this property after 2 years. My question is what will be the Capital gain and howcan he save himself by avoiding tax . What he do to avoid huge tax. Pleae help ist urgent
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
19 June 2017 Mention date of purchase & sale.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
19 June 2017 Invest amt of capital gain in other residential house property for exemption u/s 54. You can invest in notified bonds to get exemption upto Rs.5000000/- u/s 54EC Note than both cant sold in next 3 years.
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