Save tax on sell property
This query is : Resolved
20 January 2012
hello
my client sell her shop 40lc. who is senior citizen. she want to perches new flat after 2 years. so she want to save tax on 40lc for 2 year. how can she save the tax? and how can she save and get interest on this amount.
my client sell her shop 40lc. who is senior citizen. she want to perches new flat after 2 years. so she want to save tax on 40lc for 2 year. how can she save the tax? and how can she save and get interest on this amount.
CA. Vikash Dwivedi
(Expert)
20 January 2012
Refer Income tax act (sec 54) She can deposit amount certain CG Account to avoid tax incidence.
not able to recall exaclty.
not able to recall exaclty.
20 January 2012
thank u for replay mr dwivedi..but can u explan me wht is CG account and how it work ...
CA. Vikash Dwivedi
(Expert)
21 January 2012
sec 54F trf of Cap asst other than Residentil house, capital gain accct scheme 1988. you need to attach proof of deposit along with IT return.
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