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Tax planning

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 January 2013 I m having capital gain of Rs. 10 lakh from sale of residential house, neither i want to avail exemtion under section 54 nor i want to pay tax.Is there is any other way to exemt from payment of income tax
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2013 Looking to the financial risks involved in going out of way, it is better to adopt the straight way.
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When an anonymous tax evader is caught by the Department, he has to pay tax on the Real Capital Gains.
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Technically, some kinds of losses can be set off against the LTCG, but inspite of incurring losses, you can really plan better.
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