How to save Tax on sale of Ancestral Property

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  1. arun mehta

    arun mehta New Member

    I had sold a residential house which was given to me jointly with my brother by WILL.

    how can I save tax ?
     
  2. rudrabose

    rudrabose Active Member

    If you invest the Capital Gains arising from the sale of this property in another property or bonds of NHAI/REC, the capital gains will get exempted from the levy of income tax.

    Refer: http://www.charteredclub.com/section-54/
     
  3. arun mehta

    arun mehta New Member

    if I get payment on 15.1.15 the period under which I have to purchase new house or deposit amount in bond ?
     
  4. rudrabose

    rudrabose Active Member

    You can buy a residential house anytime between 15-1-14 and 15-1-17

    You can buy bonds from 15-1-15 to 15-7-15
     
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