Capital Gain and Bonds

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  1. sai sudha

    sai sudha New Member

    My dad has sold a property for 21 lakhs and he is not an income tax assesse till date. He wants to deposit this and make his living with the same. We are ariving around 5 Lakhs as Capital gains taxable. We were advised that there are tax free bonds(REC etc) and if we invest this 5 lakhs in it we won't be getting tax.Also we should furnish 15g forms every year. May i know in what way IT people will get to know that we have got REC bond specially to avoid tax. where we need to declare this?How our fixed deposits and tax free bonds are linked?
     
  2. Neha Sharma

    Neha Sharma Active Member

    At the end of each year, you are required to file income tax return each year... Income Tax Return is basically a statement of the income earned by you during the year...

    In this income tax return, you would be required to disclose the Capital Gains for the year and also mention the Bonds which you've purchased... The amt invested, the bond folio details and all other related details would be required to be furnished in this return...
     
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