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How to avoid tax

Tax planning 163 views 1 replies

Ankita

accountant

24 Points Joined August 2016

I am 57 years old.I dont have any income and my son supports me.I owned a commercial shop which i sold it for 12.5 lakhs.The stamp value of that shop was 2.5 lakhs ,therefore in the sale deed and other related documents the sale consideration is mentioned as 2.5 lakhs.I had purchased that property in 1992 for 2000 rs.I have never filed any income tax return in the past.

I asked the puchaser to transfer 2.5 lakh to my married daughter and for rest of the amount i.e 10 lakhs i am in a fix as to how to recieve it.Shall i recieve it in my bank account through cash deposit or rtgs?...

I dont want to pay any capital gains taxes or tax of any kind. I have a saving account with zero balances with Sbi.I neither have income and investments nor any liability to pay off like loans.

Will keeping the money in his sons, daughter and wife’s bank accounts separatly avoid taxes?..

Please help..

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197108 Points Joined July 2016

If by all means, you can prove that the transaction value for the sale of shop has been 12.5 lakhs, get remaining 10 lakhs in your account by any banking channel; ie. RTGS,Cheque, DD etc. and invest this 10 lakhs in Capital Gains bonds of NHAI or REC, within six months of sale transaction. The Capital gain will be Taxfree; you will get interest of the bond for next 3 years at 6%, and after three years, it will be redeemed as total taxfree amount. the remaining 2.5L will be tax-free as per basic exempt limit. BUT DO NOT FORGET TO FILE RETURN FOR THE CORRESPONDING YEAR.