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Sanjeev Sharma   18 January 2021

INCOME TAX ON LONG TERM CAPITAL GAIN ON LAND SELLING

I'm planning to sell a plot & it gives me approx. 50,000/- capital gain considering indexing, Is there a way I can save paying Income tax on this capital gain, other than investing this amount in new investment.

If i Purchase Capital Gains Bonds under Section 54EC to get an exemption, Do we need to purchase in the tune of capital gains i.e. 50,000 in this case OR for whole sale amount of the plot ?

The land which we are planning to sell is in my mother's name. She has been a house wife through out & never filed ITR. Do we need to declare the capital gain income & file ITR for her ?? The amount is going to transfer in her Saving account only. 

 



 3 Replies

Dev Prajapati

Dev Prajapati   18 January 2021

No need to file ITR....
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     18 January 2021

Hellow my honourable persons could you please tell me about what is mean by self assessment tax with example

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     18 January 2021

If your Gross Total Income is below exemption limit then no tax is payable. It is advisable to contact local CA for return filing.

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