30 July 2010
sir, my father have sold land in durg in CG this year . for Rs 10 lakhs. my father age is around 60 and above . i would like know , where should i invest this amount of money so that there will less capital gains and this land was of my Grand father .
You have to reduce ICOA from Sale consideration.say 1 Lakh . Fathers age < 65 years, Basic exemption limit Rs.1.6 Lakh( Provided ur father have no other Income) Net Capital gain comes to Rs. 7.4 Lakh. Section 54EC you can invest in bonds issued by NHAI and REC within 6 months from the date of transfer. You have to hold that investments without converting it for a period of 3 years.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
31 July 2010
Thank Your sir. but my dad income from rent is also there around 1 lakh. he filed his return regularly . if we invest in mutual fund and post office or land . can we get rebtea in that.