one of my clients has sold his house property last year and with that sales consideration he purchased 3 houses. what is the tax planning that i can do to minimise his tax.
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Capital gains
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First compute the capital gains (short term or long term). If long term, he is required to invest the LTCG in another property within 2 years to avail exemption.
if gain is in the nature of long term then exemption can be claimed under section 54 for the new houses purchased. this sec. does not limit no. of houses to be purchased thus all 3 houses should be eligible for exemption.
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