Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2011 Please advice about the capital gain tax liability

As I've got capital gain of Rs 60 lacs, by the sale of inherited residential property. Please advise its proper use to save tax liabiltes.
Also;
1. How long the amount can be kept in saving a/c?

2. Can I purchase one or more residential property out of this amount?

3. If the residential property is less than the amount, can the balance amount be deposited in infra-structure bonds to save taxes.

Your advice will be highly appreciated.

Regards

PRAMOD PANDIT M.COM , CA FINAL

PRAMOD PANDIT M.COM , CA FINAL (Expert)
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11 August 2011
u can buy more than one residential house property later on it deemed taxable in hp

u can also purchase infra bond but limit max 50 lakh

Within 6 month from c.g. have to deposit in special capital gain account (Seperate bank a/c available) for further use

u can buy more than one residential house property later on it deemed taxable in hp

u can also purchase infra bond but limit max 50 lakh

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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11 August 2011 1) Gain is 60 L you can deposit 50 L u/s 54EC in infrastructure Bonds and pay tax on 10L

2) You buy one House (not one flat) and there can be 2 or more flats on the same floor and invest 60L then no capital gain attracted

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