Long term capital Gain on Transfer of Property

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RIMPI SINGHAL (Querist)
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05 November 2009 Hi Friends,

Plz solve my query ASAP. Its urgent.

Query :

An individual purchsed a shop in 2002 for Rs. 400000 and Sold it in 2009 for Rs. 1250000/-.

How he can save tax arises on LTCG arises on sale of property.

If he deposit that amount in Capital Gain Account Scheme, Is that account is saving account. Whether he will receive interest or not.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 November 2009 54F is the concerned section. Capital gains accounts scheme can be opened either as savings bank a/c or as term deposit a/c.

RIMPI SINGHAL

RIMPI SINGHAL (Querist)
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05 November 2009 Hi Friends,

Can section 54EC be appicable on the above query.

RIMPI SINGHAL

RIMPI SINGHAL (Querist)
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05 November 2009 Hi Friends,

Can Section 54EC be applicable on above query.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 November 2009 Yes 54EC can avail if u so choose.

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