Residential house

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Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2014 Hello ,

I sold my house last month which was an ancestral property acquired before 1981.I want to invest that money as FD in bank so that i can get interest.I know that there is long term capital gain on that sale portion but i am not intrested to pay tax on that because all i have is that money which i should keep for my family..So pls advice me on how can i be safe.I am not intrested to built or buy new house

Amol S Joglekar

Amol S Joglekar (Expert)

10 November 2014 You can keep the money in Capital Gain bond and save the tax.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2014 will i get interest on the money deposited under capital gain bond scheme??if yes rate of interest ??? how long should i deposit??can the amount be withdrawn before expire of term??

Amol S Joglekar

Amol S Joglekar (Expert)

11 November 2014 there are 2 companies. REC. (Rural Elctrical Corporation) and NHAI (National Highway Authority of India.
The rate of interest is slightly less than FD rates. Lock in period is there and you can NOT withdraw before expiry, otherwise the exemption would be withdrawn.
Make the enquiry as to rate and lock in period with some investment broker.

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