CS Alok Mishra (Income Tax Practitioner) (786 Points)
05 August 2012Hi Friends, First of all Happy Friendship Day to all of You.
Now my query:
I have a client who sold a land of Rs 16lakhs in 2011-12 which he had bought in 1985 for Rs. 8000 only. He also bought a land in 2011-12 costing Rs. 450000.
In this regard i want to know whether there is any way out by which tax on long term asset (Land) can be saved. Plz show me the proper way. Its urgent.
V.Saradha
(Accounts Officer)
(24 Points)
Replied 05 August 2012
we can do tax savings only if we invest in residential property and not a new land
CS Alok Mishra
(Income Tax Practitioner)
(786 Points)
Replied 05 August 2012
Dear Ganeshan, can u plz make me clear whether NHAI & RECI bond are applicable on Land. I think its for residential house property only
. Plz rectify me if i m wrong
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