assesse sold a land property for getting his cancer treatment done
capital gain is long term
is there any daduction available to him
and how he can save tax?
1 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 March 2013
u/s 54B, exemption will be available if the capital gain arising from this sale be invested in purchasing another property within the prescribed period. Find the indexed cost of acquisiton and subtract it from the sale price. You will get the capital gain. You need to utilize only the capital gain portion in another property, and the balance is non-taxable.
Or you can borrow from a bank by putting this property as collateral.
Unfortunately, 54EC bonds are non-transferable and non-negotiable. It cannot be used as collateral for loans or advances.
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