Capital gains on sale of land
supposr I am a senior citizen. i have a non agricultural land which was purchased for 3 lacs in FY 2002-03 (CII 447). now in FY15-16, I am selling it for 37 lacs. When I roughly calculated, I got tax liability to be somewhere around 6 lacs.
How can i reduce the tax liability legally? Should I invest in Notified bonds etc as per section 54? Any suggestion? Thanks
Replies (1)
Bond of NHAI or REC within 6 months(54EC) of Rs 3000000
or
One Residential house property in India (54F) {other conditions applicable }of Rs 3700000.
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