LTCG on sale of Residential Property - by AOP / Private Trust

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Piyush (Querist)
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10 July 2021 Assesssee is a private trust, The trust have a residential property, benefits of which is transferred to a beneficiary through a private trust.

How can capital gain by sale of this residential property be saved by the trust ?

Note - Taxable Gain amount is in excess of 1 Crore

Deepa B

Deepa B (Expert)
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12 July 2021 For the purpose of income tax private trust is treated like an individual. Hence if tax implication on capital gain has to be prevented then the net consideration of such transfer has to be deposited in Capital Gains Account Scheme on or before due date of filing returns and subsequently invest in another residential property or use to buy specified bonds mentioned in Section 54EC.