i recently decided to sell my inherited plot of worth rupees 60 lakhs
which my father had bought for 5 lakhs in 2006. The property is not yet sold only the token money 5lakh out of 60lakhs has been received. As my CA suggested to use the whole amount of 60lakhs for buying a residential house of rupees 60lakhs. we decided to buy a house.. but the total cost of the house which i decided to buy is 47 lakhs , still 13 lakhs is saved which is liable to be taxable for capital gain and 20% is to be paid.
I want this 20% to be saved without
expending it on buying any other property of 13 lakhs or expending it on further development of the new house which i am buying.
Can i save it if we do the registry of the plot which i m selling in next financial year (after 1 apr, 2019) (as the new budget suggests capital gain worth 2 crore not to be taxable) but the token amount has been received in my bank account..
kindly suugest me how can i save this capital gain tax neither by expending it on new house nor investing in capital gain bonds?
can delaying registry of the property which i m selling save my capital gain account..
i also want to add that no agreement between me the party which is buying the plot has been done.. the bank from which the party is taking loan has made an agreement of buying n selling the plot in which no period of registry has been mentioned neither i have signed that agreement
CAclubindia
