Saving tax on LTCG

This query is : Resolved

CHANDRA PRAKASH AGRAWAL (Querist)
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12 September 2008 Assessee sold commercial plot of Rs 2 Cr thereby having a LTCG of Rs 1.5 Cr. What are the remedies to save the tax on this LTCG.

Can the asssessee invest in any other property? Do he have to invest the only LTCG or the entire sale proceeds.

Can he invest under any capital gains scheme.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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12 September 2008 He can claim exemption u/s 54F by investing the sale consideration in a house property or u/s 54EC by investing in notified Bonds. In the investment in the house property is deferred then the amount may be deposited in a Capital Gain Scheme Account opened with a bank before the due date of filing of return.