What are all the provision regarding property sales.
This query is : Resolved
Querist : Anonymous
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.
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.
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
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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