Capital Tax saving method

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  1. Pavitar

    Pavitar New Member

    i sold my land in Aug 2014 assuming my capital gain to be 20 lakhs kindly advice how can I save capital gain other than buying property I deposited the entire money in capital gain tax account with Shi now my options queries (a) can I buy the bonds after two years of capital gain and invest in three year bonds as advised by govt that is if I buy the bonds in July 2016 with maturity on July 2019 will this option save me from paying capital gain tax (b) advice me the time period within which I need to invest my capital gain in buying of land or residential home so that I DONOT pay capital gain tax (c) mine is long term gain (d) since cannot recall purchase value and year of value purchaser but being Long Term Gain (e) if I DONOT buy any property till 2017 that is after three years of sale of my land how much capital gain tax would I required to pay in 2017 (f) also the purchaser of my land does not advice share details of my purchase value and year of purchase
     
  2. ZED

    ZED Well-Known Member

    You can not exercise this option now. The time limit of exercising this option is within 6 months from the date of transfer and it appears that that limit has lapsed now.


    You must INVEST the entire NET SALES CONSIDERATION [and note merely the capital gain] if you want to claim full exemption u/s 54 F. Further exemption u/s 54F is more restricted than u/s 54. Kindly go through the provision once.
    You also must not be having more than 1 residential house property (other than the new one)

    Took this into consideration.


    We will need its details to compute capital gain.


    That much tax which was claimed as exemption.


    As you please.
     
    Last edited: Jun 16, 2016
  3. Pavitar

    Pavitar New Member

    On capital tax gain I sold residential land in August 2014 and deposited in fixed assets in sbi. Kindly guide as govt allows three years time to buy another residential property that is I can buy residential property till August 2017 thus did not pay capital gain tax in 2015 or 2016 since I can purchase another property by 2017. Thus wanted advice if my capital gain is 20 lacs in 2014 how much capital gain tax to pay in 2017 if by 2017 I did not buy property
     
  4. ZED

    ZED Well-Known Member

    It shall be that amount on which you claimed exemption i.e 20 Lakhs.
    Kindly note that advance tax provisions are also applicable.
     
  5. Pavitar

    Pavitar New Member

    Sir what is the amount of capital gain tax of 20 as I have not shown any capital gain in 2015 and 2016
     
  6. ZED

    ZED Well-Known Member

    That amount which you claimed in 2014
     
  7. Pavitar

    Pavitar New Member

    I did not claim any amount or declare in 2014 as my capital gain is below the limit (30 lakhs) which the govt allows
     
  8. ZED

    ZED Well-Known Member

    And may I know where is it written that if capital gain is upto 30 Lakhs then you do not need to claim or declare it?

    What have you done Sir....
     
  9. Pavitar

    Pavitar New Member

    Kindly guide on solution as now it is two years now since I sold the land also I deposited the entire capital tax amount with SBI capital tax account which I opened so this means I must quickly buy another property and declare as it is two years now
     
  10. ZED

    ZED Well-Known Member

    Whether the return was filed on time?
    There are some irregularities in your case.
    What was the amount of investment? What was the sales consideration?

    You may contact me through mail
    [email protected]
     
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