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Query related to ltcg

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03 October 2013 Sold ancestral house property and received huge amount as consideration. The proceeds are planned to be used for daughter marriage. Can any one please suggest me how to do the tax planning and over come payment of tax.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
03 October 2013 Long term sale of Ancestral Property would attracts long term capital gain...
You can claim Exemption from Capital Gain only in respect if the Amount invested in Another House Property Section 54,
Or can invest in Bonds like NHAI or RECL section 54EC..

There is no other alternative to reduce the tax burden neither using it in the daughter marriage...
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