I'm a salaried employee in a private ltd firm. My total salary is 4.5 lakh/annum and I have deposits like PPF, NSC, etc so as to avoid paying income tax. But, in this FY I received 10 lakh as my share by the sale of land which was on my mother's name, and I deposited it as FDs in SBT and Canara bank.
So, please tell me the best way/investments to avoid paying income tax. I've no other incomes.
Who was the owner of the plot of land? You or your mother?
| Originally posted by : Mihir | ||
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Who was the owner of the plot of land? You or your mother? |  |
My mother.
Your mother shall be liable to Capital gain tax.. you are not liable to pay any tax.. I will advice you that take benefit of exemptions under capital gain on your mother's name to avoid tax.. and amount which you will get after expiry of period (if you are claiming exemption u/s 54EC) then transfer by way of gift to you from your mother..
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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