How to give proof to IT dept for long term capital gain invested in construction?

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sachin nair (article) (32 Points)
Replied 11 November 2016

thank you sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 11 November 2016

@ Ashim: Yes, correct. Time limit is there, means you can open the account before filling the IT return.

Secondly, for exemption u/s. 54F, net sale proceed is considered and not just capital gain.

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Ashim kr Ray (social service) (1695 Points)
Replied 12 November 2016

Sir,

Is there any consession if the long term capital gain is made by senoir citizenship i.e above 60years.by selling of land.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 12 November 2016

Except the basic taxable limit of 3.00 lakhs, no special consession available to senior citizen against Long term capital gain.

As your assessee is having other tax exempted income, he can easily reduce tax liability over LTCG by basic limit of 3 lakhs.

Secondly, he can also get exemption u/s. 54EC; i.e. tax saving bonds.

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sachin nair (article) (32 Points)
Replied 28 November 2016

Sir,can u plzzz tell me how conversion of shares into stock actually benefits a company during internal reconstruction??

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