Dear All,
Kindly help me to solve my following query.
One person sold his residential House property ( 5700 sq. ft. with Bunglow) to developer for 4.25 cr., Builder offered 1 floor of the new building for Rs. 2.10 cr.
Person is sole owner of the property under consideration. He has acquired the property before 1982 for Rs. 70000.
I understand that Person can save tax by investing in prescribed securities up to 50lakhs and can opt for purchase of new property . Even after investing in both options around 1.9 cr. remains as a taxable income .
Is there any way to save tax on this income.
If person spend 30 lacks on interior of new property can he add this expenditure in the cost of acquisition of the new asset.
Suggest me the way by which person can reduce his taxable income.
Thanks in advance .
Regards,
Gargi.
CAclubindia
