Dear Sir/Madam,
My father sold land property few days back. It was on his name. We sold it so as to transfer amount to my SBI Home Loan as I had purchased Flat few months back. My Father's CA didn't guided him properly earlier while my CA gave below points.
- for tax exception, Put Father's name in SBI Home Loan (Manager refused saying loan is already sanctioned and 90% amount is disbursed). SBI loan is on my and spouse name.
- for tax exception, invest in Bonds (lock in period: 5 years) limited up to 50 Lakhs
- for tax exception, Buy House property on Father's name within 3 years (not possible due to father health issues)
- to pay 20% tax on Long term capital gain and send remaining amount to my SBI Home Loan.
Could you please suggest if there is any solution to get tax exemption other than above.
Thanks & Regards
CAclubindia
