Raj (ac) (155 Points)
27 August 2013Dear All,
I am going to sell my house that I acquierd in 1987, even after indexation the tax amount is on higher side. Can you please enlighten me with the tax saving options during a sale of property? Also if you can let me know what all expenses I can add in my costs? (property tax etc)
Thanks in advance
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 August 2013
Expenses incurred on transfer such as brokerage, legal fees etc.
You can invest in infra bonds of NHAI or REL, within 6 months from selling the property, having lock-in period of 3 years.
You can invest in another property within 2 years.
In either case, the sale proceeds is required to be deposited in capital gain deposit account before filing your returns.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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