My Father got LTCG of 90Lack in Augest 2014 by selling of land purchased in 2003-04, can he pay LTCG Tax on 70 Lacks as advance tax or at the time of filing ITR of 2014-15 and put rest of 20lack in CGAS account to buy new recidencial flat? if he can do so what will be last date to open CAGS account for rest of 20Lack.
4 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 August 2014
He may invest in another property and claim exemption u/s 54F. Tax on LTCG shall be at 20% + cess. He may even buy bonds having lock-in period of 3 years.
AR Ansari
(owner)
(25 Points)
Replied 04 August 2014
| Originally posted by : Mihir | ||
 |
He may invest in another property and claim exemption u/s 54F. Tax on LTCG shall be at 20% + cess. He may even buy bonds having lock-in period of 3 years. |  |
Can he Put Only 20Lack in CAGS for further investment and pay tax on 70lack and use for personal perpose ?
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 August 2014
Yes, he may do so. Capital gain tax payable on 70 lacs will be about 14 lacs.
Shobhit Goel
(Chartered Accountant)
(101 Points)
Replied 04 August 2014
Hi Ansari,
You may invest the money as said by Mihir.
Or, you may deposit the money in CGAS account but should be on or before due date of filing of return.
Thanks,
Shobhit
Recent Topics
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
