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Sale of land by senior citizen

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2014 Hi

My father is 78 years old and has sold his plot owned for about 40 years. He also owns a house.

Could you please let me know the options for saving long term capital gain tax apart from buying or construction of house?

Thanks
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
13 September 2014 You can invest in 54 EC bonds i.e., NHAI or REC . It had lock in period of 3 year . You receive the interest twice a year i.e., July and in December month.

Interest rate will be 6.5%.
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2014 Thanks for the response.

But isn't there a limit of Rs 50 lakhs for the deposit amount? Is there any additional benefit for senior citizens?
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
13 September 2014 Yes 50 Lakhs limit. No extra benefit for senior citizen
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 September 2014 He can buy or construct one house u/s 54F.
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