07 September 2012
Dear all, recently my father {(retired preson) (getting pension Rs120000)} has sold his land Rs 22,00,000/-. now we deposit that sale consideration with a bank. but my father always telling to invest that in to buying another land or house to avoid tax on income.
now i want to know. that how can we avoid tax. may i invest in anything or tell me better advice.
07 September 2012
If it is Rural Agricultural Land - Exempted from tax Urban Agricultural Land - purchase an agricultural land other than agricultural land - purchase a house property(provided your father should not own more than one house property) or investment in rec bonds
CAclubindia
