capital gain tax planning

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CASE STUDY

Mr. Anil sold a residential land(DLC RS. 600000) for Rs. 1400000
Which he purchased in 2008 For Rs. 40000.

*Agreement of sale executed on 22.08.2019

Now he will transfer sale consideration Rs. 1400000 as gift to his real brother Mr. Nitesh.

Mr. Nitesh wants to purchase a commercial land worth Rs. 1100000.

So advise the tax planning.

Still we have option to modify agreement of purchase of land if required because this agreement yet not executed.

One more question

The land which Mr. Nitesh wants to purchase , land loard of such property has died and such property transferred to his wife and daughter inheritance.

So question is that if he makes payment whether it is required to transfer equal consideration to each co owner account
Replies (4)

Very useful info. Hope to see more posts soon!. Jongenskleding

Mr. Anil will have to LTCG on sale of residential land.
Mr. Nitesh to pay for New residential land equally to wife and daughter to be on safer side.
@ Kapadia pravin is there any treatment to save LTCG
LTCG will be attracted on sale of land made by anil. For avoiding payment of tax on capital gains, advice to invest in NHAI / RECL bond. This should be done with six months from the sale of land by anil


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