20 June 2009
Dear Sir, This is in relation to the sale of a long term capital asset referred under section 2(14) of the Income Tax Act.On April 2009 Mr.X has transferred a housepropery in banglore for Rs.3Crore .The said property has bought on 1991 for Rs.16 lakhs.No expenses has been incurred by him for transferring of the said asset other than cost of stamp paper and travelling expenses .He is senior citizen under the Income Tax law .I would like to know what are the alternatives available in the IT act for avoiding the Income Tax Act?
CAclubindia
