My home capital gain

This query is : Resolved

Sopan Dattatray Pingale (Querist)
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01 July 2023 Sir,
Please help me for my subject

1.I purchased flat in year 2000 of Rs.7,00,000.00

2.I sale of this flat of Rs.35,00,000.00

As per calculation 700000/100 (2000 Year Acquisition Cost)X348 (2023 Year Acquisition Cost) =24,36,000.00

35,00,000-24,36,000.00 (Please suggest my Calculation is Correct)

3. 35,00,000.00 (-)24,36,000.00=10,64,000.00

4.My Question is compulsion to total price of Rs.35,00,000.00 invest in new home

5.10,64,000.00 Compulsion invest in Bond

6.35,00,000.00 (-) 10,64,000 (Capital Gain)=24,36,000.00 i can invest in my choice section e.g. Purchase New Shop,Purchase Car,Purchase Land

Please suggest me

Please direction to me

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 July 2023 You can save long term capital gains tax by either investment in sec. 54EC capital gains bonds or any house property u/s. 54 IT act.
You need to invest minimum of capital gains amount (here Rs. 10.64 L) in either or both, to get nil tax liability.