LTCG
This query is : Open
31 May 2016
my friend sold his house in April for 1.8 crore. his share is 33%. can he avail tax benifit. aquisatiin period is 1983. sold year 2016. improvements cost is. 4 lakh (2015). so please suggest some tax savings plans just like capital gain scheme.
K Srinivas, CMA CS
(Expert)
31 May 2016
Yes, he can avail tax benefit for his portion
Either invest the capital gains in purchase of a new property within 2 years from the date of transfer or construct a new property within 3 years from the date of transfer.
Else he may invest the gains in specified bonds of RECL /NHAI specified by GOI.
Either invest the capital gains in purchase of a new property within 2 years from the date of transfer or construct a new property within 3 years from the date of transfer.
Else he may invest the gains in specified bonds of RECL /NHAI specified by GOI.
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