Pradeep Jain (service) (143 Points)
16 July 2012Dear Sir,
I have sold my home for Rs. 50 lakhs out of which I got Rs. 35 lakhs in cash and rest by DD in the middle of June'12 and my total salary income is Rs. 13 lakhs per annum.
Please suggest me the way as how can I save tax on Rs. 35 lakhs. Can I hide this whole transaction from IT Dept.
Thanks
Pradeep
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 16 July 2012
If the long term capital gain arising out of transfer of a residential house property , is being invested in a house property under sec 54 with in the prescribed time limit
or
in bonds under sec 54EC with in 6 mnths u can get capital gain exemption proportion to the amnt invested.
I
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 16 July 2012
have you received the cash in lieu of consideration of the sold of property ae per registry value?
means clear whether registry is made of Rs. 15 lach or 50 lACH.
CA M Indani
(Partner)
(345 Points)
Replied 20 July 2012
what v. varallaxmi has said is right..
Question is ...if you have not shown receipt of cash on sale agreement,,,you can hide whole transaction....YOU HAVE TO...
Else dept will start issuing show cause notices...
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