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INCOME TAX

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(Querist)
10 December 2008 I PURCHASE A LAND FOR RS. 410461 ON MAY 2007 AND SOLD FOR RS. 1500000.00 ON SEPT 2008 RESULTING IN A PROFIT OF RS. 1089539

what is the tax status
Is there any way i can save tax

SUMIT
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
10 December 2008 You can invest in bonds of NHAI and REC which are exempted u/s 54EC. It should be withing 6 months of the sale of asset.

If the land sold was Agri culture land then you can also invest in Agriculture land which will be exempt u/s 54B
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 December 2008 Tilak you may reconsider your answer since the land is short term.
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