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.
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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