An individual assessee had LTCG of Rs. 1.25 cr. by selling a plot.
He purchased a residential house for Rs. 70 lacs
What else could be done to decrease the LTCG so that Tax Liability for Assessee in Minimum.
Saliq Ansari (CA_Final Student) (885 Points)
25 January 2010An individual assessee had LTCG of Rs. 1.25 cr. by selling a plot.
He purchased a residential house for Rs. 70 lacs
What else could be done to decrease the LTCG so that Tax Liability for Assessee in Minimum.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 25 January 2010
U need to mention, what asset has been sold??
Amir
(Learner)
(4016 Points)
Replied 25 January 2010
Dear Saliq,
Dhiraj is rite...
Anyways u can look for Sec 54EC (Govt. Notified Bonds)
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 25 January 2010
Hey, its plot of land???
Then the exemption for Residential House will be as per sec 54F...
And as correctly mentioned by Amir, remaining amount u can utilise to get exemption u/s 54EC..
tapesh Kumar
(ARTICLE)
(46 Points)
Replied 25 January 2010
Mr. Dhiraj is right to invest in 54ec but the investment in such limited to Rs.50 lakhs and the bonds prescribed are REC and NHAI. The bonds have to be kept for a minimum period of 3 years.
C.Balaji
(Learner)
(1867 Points)
Replied 27 January 2010
Mr.Saliq Ansari
sec 54 F(Residential house) and 54EC (NHAI and REC bonds)
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