LTCG

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2011 SIR
I HAVE PURCHASED THE PROPERTY (RESIDENTIAL PLOT) IN2003-04 AND IT IS SOLD IN 2010-11
AND THE PURCHASE COST IS RS60000 & SELLING PRICE IS 288000 AND I DON'T WANT TO INVEST IN ANY OTHER PROPERTY
SO PLEASE TELL IS THEIR ANY WAY TO SAVE LTCG
PLEASE REPLY

CHNADRAPRAKASH KESWANI
CA PCC

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 February 2011 Being a student of PCC, may I presume that you are not having any other income.
Your taxable income from LTCG comes around1.96 lac. Out of it only 0.36 lac is going to be taxable in your hands.

You may invest the amount exceeding the taxable limit in Capital Gain Bonds.
For more details refer Section 54EC.

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2011 sir

if the sale is i.e registry value is Rs.22.5 lacs than is their any to save tax

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 February 2011 You may invest the amount exceeding the taxable limit in Capital Gain Bonds.
For more details refer Section 54EC in which Max. Rs . 50.00 lac can be invested in a financial year.

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2011 sir

if i don't want to invest in propety and also not u/s 54ec than is their any way to save tax

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 February 2011 Yes, You can save tax till the notice from Income Tax Department is not served upon you.

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