Friday, July 9, 2010

We have got some commercial land.It is actually my grand father's.He is no more.Its an long term capital asset?

Now it as been registered to my father name.And now we are planning to sell that land and purchase some other property for our income.So i need clarification like, how can we save tax.And after sales when we keep amount in bank.Do the Income tax department ask us to pay tax immediately ? Or wat will be the situation. How we have to move.

If your grandfather purchased the land more than 3 years back, then it is a long term capital asset.

You can open a Capital Gains Account Scheme in banks where it is available.

Deposit your Capital Gains in this account. You have to utilize this amount within 2 years for purchasing a residential house or within 3 years for constructing a residential house from the date of sale.

If this deposit is utilized for the specified purpose within the specified period then no advance tax is required to be paid on the gains.

The deposit in the CGAS has to be made by the investor before the last date of filing his ITR for the relevant year.

In case you do not wish to invest the gains in property, then the first day of paying advance tax is 15th of September.

You can avail tax exemption u/s 54EC & 54F.

Section 54EC - Capital gains on transfer of long-term capital assets invested in notified bonds of NHAI and REC.

Section 54F - Capital gains on transfer of long-term capital asset other than residential house, invested in residential house, subject to certain conditions.



Ya friend,well you can take help from

1 comment:

Anonymous said...

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