How can I save Capital Gain Tax on sale of Property Arun Das, 05 Nov 2012

How can I save Capital Gain Tax on sale of Property

Fintotal Answer

There can be 2 possibilities: 1. You sell a residential property You can either invest the sale proceeds to buy another residential house within 2 years of sale or 1 year before the sale or construct a residential house within 3 years of sale and claim income tax deduction under section 54.  2. You sell a non residential property In this case you can buy another residential property within 2 years of sale or 1 year before the sale or construct a residential house within 3 years of sale and claim income tax deduction under section 54 F. Alternately you can put the sale proceeds in REC/NHAI bonds with a cap of Rs 50 lakhs and claim deduction under section 54 EC. For more details refer to Fintotal Property

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