Dear Sir/Mam,
One of My Colleague who worked with me got retired 2-3 years back. Now he want a advise for his Tax returns.
1) He is having the FD & Interest earned on that is arround Rs.3 Laks.
2) He Sold his Flat which was purchased for Rs.28 Laks & sold for Rs.32 Laks. Now he statrted Constructing a house in his own land. ( He is not taking Housing Loan for New Construction)
Please Advise how to calculate his Tax earnings & also can he get any Exemption for housing construction?.
Income from FD interest is fully taxable. Regarding the capital gain, information supplied by you is insufficient to give an accurate answer.
If he has sold a property and reinvested in constructing another property within a prescribed period, then he may claim exemption u/s 54.
AJAY SINGH AND CO LLP
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Saini Pati Shah & Co LLP, Chartered Accountants
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