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Income tax on sale of house.

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2011 My friend is having a Tenament which is purchased by him 20 years back and now he intends to sell it. The sale price would be more than 50 times of the original purchase cost by him and in that case what would be his income tax liability.

If there are any ways and means to restrict his tax liability to the bare minimum extent, the same may also kindly be indicated.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 December 2011 Your friend may be advised to purchase a beautiful residential house from the amount of Capital Gain he would be getting.
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D.S.Aggarwal 9999821710

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D.S.Aggarwal 9999821710 (Expert)
04 December 2011 Your friend can save tax to invest capital gain amount in new house property or NHAI bond or RECL bond u/s 54.
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 December 2011 Thank u experts. I request more experts to offer comments please.

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