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What are all the provision regarding property sales.

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2012 Dear all,
recently my father {(retired preson) (getting pension Rs120000)} has sold his land Rs 22,00,000/-. now we deposit that sale consideration with a bank. but my father always telling to invest that in to buying another land or house to avoid tax on income.

now i want to know. that how can we avoid tax. may i invest in anything or tell me better advice.

its a long term proper......... which is shold.
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CA.E.Deepan Chakravarthy

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CA.E.Deepan Chakravarthy (Expert)
07 September 2012 If it is
Rural Agricultural Land - Exempted from tax
Urban Agricultural Land - purchase an agricultural land
other than agricultural land - purchase a house property(provided your father should not own more than one house property) or investment in rec bonds
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