10 August 2011
we have a property by will in jaipur(rajasthan) property was acquiered in 1969 for rs. 28000 and construction cost on same time is rs. 89000 I have sold same for Rs.8000000 (Eight lacs) How capital gain have to reinvest to save tax.
10 August 2011
As per Sec 54 - 1. Invest in new house property either by way of construction or purchase. 2. Deposit in Capital Gain Deposit Account for a period of 5 years, if you do not have plans to buy the property now.
Note - After 5 years, if there is a balance in CG Deposit account it will be subjected to Tax
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