Request advise on money received from property sale

Hi,

I recently sold my property in another city. I have received 60% of the money from buyer in cash. Rest 40% was paid through cheque. i could not help it, given how Indian real estate works.

 

I want to know how do I make sure that I am able to utilize this 60% money in a proper way, without paying any tax. I cannot afford to pay any tax on this 60% as it is my only saving for future as of now. How do i legitimize it, and another question also here is that how do I move this 60% money in cash from the city where i sold the property to my current city in India.

Any help / advise, greatly appreciated.

Replies (1)

HI,

INVEST THE AMOUNT YOU RECEIVED IN NHAI BONDS WITH A MATURITY PERIOD OF 3 YEARS NOT EXCEEDING 50 LAKHS WITHIN 6 MONTHS FROM DATE OF RECEIPT, YOU ARE EXEMPTED TO PAY CAPITAL GAINS. IF THE DATE OF RECEIPT IS AFTER 01OCT THEN YOU CAN GET A LIMIT OF 1 CRORE ON WHICH YOU NEED NOT PAY CAPITAL GAIN TAX.

 

 

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