Capital gain

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chandra prakash sharma (Querist)
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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.

CMA. Murali

CMA. Murali (Expert)
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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