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tax on sale of house property

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(Querist)
17 May 2011 If an Individual sale his house property what are the options with him to save capital gain tax ? Is it possible for him to invest in Agricultural land or non agricultural land?
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V.Rajan

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V.Rajan (Expert)
18 May 2011 The individual has o invest in purchase or construction of new house within a year or start the construction
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
19 May 2011 He has following options to save long term capital gain tax:
1) Invest in REC and other specified bonds U/s 54EC within 6 months from transfer or
2) Purchase a property within specified time or constuct a house within specified period

In option 2, he has to deposit amount in Capital Gain Saving Scheme in Banks before due date for filing of income tax return if not able to purchase/ construct before that time.
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