Can buy bond now to save tax on sale of land.
This query is : Open
30 September 2017
Sir,
A land sale for Rs 16lak in 2014 ,buy home for 6 lak,remaining money keep in saving.Get notice from IT department now, can i used the remaining money to buy the bond to save the Tax or is there any other way to save the tax.
Please suggest.
A land sale for Rs 16lak in 2014 ,buy home for 6 lak,remaining money keep in saving.Get notice from IT department now, can i used the remaining money to buy the bond to save the Tax or is there any other way to save the tax.
Please suggest.
01 October 2017
You can't deposit in bond now. If it is a rural agricultural land no tax payable. No tax payable on indexed cost which can be deducted from the deposit amount.
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01 October 2017
But sir this is not the agricultural land which was sold in 2014.So is there any other way.
01 October 2017
No other way to save tax on it....
01 October 2017
Also mention which type of notice you received...
So expert will mention you exact solution of your problem.
01 October 2017
Madam AIR-001 cash deposit
01 October 2017
You have to then reply in compilance section of income tax site.
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01 October 2017
No need to worry as you transaction is below taxable limit.
File compilance after giving required detaiks.
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01 October 2017
But cash deposit has been done more than 10Lakh
01 October 2017
Yes but it doesn't mean that taxable income is more than taxable limit...
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