How to attain exemption on longterm funds gain excise on mart of buidling?
Answers:
If the wherewithal gain arises from verbs of possessions assets ( Long term) and if you invest inwardly a length of six months within specified securities (Bonds unanimously next to a lock contained by interval of not smaller quantity than three years). Either you can invest in full or even factor, contained by the following satchel estimate from wealth gain will be proportionate to your investments.
If the investments are redeem back the specified time of year ot any loan is taken against the warranty inwardly the lockin term provided the exemption stand withdrawn.
There is a ceiling from April 2007 for the amount of investments one can engineer ( Rs. 50 lakhs)
For details contact your due consultant
First u own to clarify whether the property u sold is residential or commercial at hand are different rules for both. pls post your sound out again near correct details
Simple.
You can invest the entire amount by purchasing another property. or you can deposit like peas in a pod amount within wealth gain deposit cook up.. where on earth you capture a full exemption..!!
-Soori.
Please follow the following points:-
1) Sell your property after a minimum time of 36 months.
2) Reinvest the wealth gain amount in another unmarked building
3) Alternatively deposit the income gain amount in specified means gain bonds i.e. funds gain accounts hatch up 1988 (apply within Form A contained by duplicate). When you want to close this description, gain go-ahead from your assessing officer in Form G.
On this "answers" platform, you will achieve confusing answers sometimes. Better contact Tax Consultant or Chartered Accountant.
If you want clear answer, you can refer the following source :
TAXMANN'S DIRECT TAXES READY RECKONER A.Y.2007-08, R-13, PAGE 121 COLUMN FOR SECTION 54F.
Besides purchasing untried residential property and investing in specified bonds (limit Rs.50 lakhs), you can hang on to the amount contained by "Capital gain deposit statement scheme" beside nationalised hill. Amount within such depiction can be withdrawn to acquire abovesaid investment avenues.