Capital gains and income tax liability

you have to calculate capital gain tax and have to pay tax or invest as per section 54 to save tax.

before going to any conclusion please provide date of purchase and sales along with consideration amounts.

Hi Venky

When did you sell the properties?

If it is after 3 years of holding LTCG shall apply.

To save the Long term capital gains, you have following options:

1. Invest in 54EC bonds within 6 months of the sale.

2. Invest in another residential house property.

our first priority is to save tax and then good returns thus please first share info as mentioned in last reply

Hi,

The capital gain tax liability will depend upon your cost of acquisition, date of purchase, any major improvement made on the property after purchase,, sale value and sale date.

Please let us know these things to calculate tax liability.

Further, you can invest the money again in residential property or NHAI/REC bonds to save taxes.

Please feel free to call revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hello,

What is the quantum of Capital Gains that you have made from the transaction. Also inform the date of sale.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B