tax on sale of house property
This query is : Resolved
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?
18 May 2011
The individual has o invest in purchase or construction of new house within a year or start the construction
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.
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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