Capital Gain and Tax Saving

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 1 person sold his shop (Investment 15 years) Net profit 7 lacs.
If person wants to save tax on capital gain then what are best possible ways to save taxes.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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18 January 2011 Invest your Net Sales Consideration amount to purchase any Residential House Property or invest money in bonds of Rural Electrification corp. or NHAI.

But you cannot sale aforesaid Residential House Property or Bonds untill completion of 3 years from the date of purchasing.

Regards!!!
Dinesh S. Adhikari

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Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 Hi, I want to ask to clear my doughts, is this applicable to Shops also as i was in impression that it is applicable for Residential House Property only ?

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Guest

Guest (Expert)

18 January 2011 The opinion of Mr. ADhikari is also applicable for sales of shop also.

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CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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20 January 2011 Sir, This is applicable for any Capital Asset except Residential House Property becuase here you have to invest only in Residential House property(sec 54F)

and you are talking about sec 54, where it has been said that sold(old) asset should be residential house property and investment should be made in residential house property.

Regards!!!
Dinesh S. Adhikari

Message likes : 1 times

Guest

Guest (Expert)

21 January 2011 No where sec. 54 was recited in the query.