I hope you have  mentioned in the  query is  residential  Flat  so  Approximately  653000/- ( with indexation )  will be your  Long  term capital  gain , however you can  invest  in another residential  flat  within period  of two (2)  years , or Construct  your Own  house within a period  of  three (3)  year form the date of Sale  , then  there will be no capital Gain tax  .

           Also you have  an option to invest in Capital gain account  in Bank , until and unless you purchase new Flat or construct  new  house within given  time frame  , however you have file income tax  return and mentioned regarding this . if  you unable purchase   flat  within stipulated  time frame  after investing Capital Gain account than you will have to pay the tax . 

        Take others opinion  or  professional  help in this regard .    

Originally posted by : RAJA P M
	Is there any way to reduce the capital gains tax? as per me NO

Here querist can't ask re-investment options...

So, My reply as " as per me NO " and not refer any other options like sec 54 & 54EC and Buying other asset....

Here the querist asked for any way of reducing capital gains tax. Therefore reinvestments as per section 54 and related sections are a way to reduce capital gains tax.

Thanks everyone! I will take steps by investing in Capital Gains account.

Originally posted by : Barkha
	Thanks everyone! I will take steps by investing in Capital Gains account.

You are welcome...

ITR 2 - Capital Gain Tax on Sale of Land & Building

In India, the Income Tax Act, of 1961 requires taxpayers to pay taxes on the capital gains generated from the sale of land and building. The Income Tax Return (ITR) form 2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who have earned capital gains from the sale of land and building. Understanding the tax implications and properly filing the ITR 2 form is crucial to ensure compliance with the tax regulations and avoid any penalties. In this article, we will dive deep into the details of capital gain tax on the sale of land and building and explore the various aspects related to ITR 2.

1. What is Capital Gain Tax?

Capital gain tax is a tax imposed on the profit earned from the sale of capital assets such as land, building, stocks, bonds, or any other property. In the context of the sale of land and building, the capital gain tax is applicable when the sale price exceeds the purchase price. The tax is levied on the gains made from such transactions.......

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ITR 2 - Capital Gain Tax on Sale of Land & Building

In India, the Income Tax Act, of 1961 requires taxpayers to pay taxes on the capital gains generated from the sale of land and building. The Income Tax Return (ITR) form 2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who have earned capital gains from the sale of land and building. Understanding the tax implications and properly filing the ITR 2 form is crucial to ensure compliance with the tax regulations and avoid any penalties. In this article, we will dive deep into the details of capital gain tax on the sale of land and building and explore the various aspects related to ITR 2.

1. What is Capital Gain Tax?

Capital gain tax is a tax imposed on the profit earned from the sale of capital assets such as land, building, stocks, bonds, or any other property. In the context of the sale of land and building, the capital gain tax is applicable when the sale price exceeds the purchase price. The tax is levied on the gains made from such transactions.......

To continue reading, click here

To read more blogs like this, visit Swipe Blogs