Long term capital gain tax - understanding tax liability

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  1. slv

    slv New Member

    If one sales an apartment at 50L in August 2013which he bought in July 2006 at 20L. Money is deposited in his normal Savings Ac till date.

    He booked an apartment in June 2014 He paid Re.4L in June2014 & Re.10 L in Aug 2014.Possession of this property will be in year 2018 feb. Total Value of apartment is 80L . He has to pay 25L in 2015, 20 in 2016 & 25 2017 & balance by March 2018.

    Questions:
    1) What will be his tax liability for FY 2013/14
    2)Is it mandatory for him to open CG tax ac & deposit 55 L in that?
    3) if yes, till when can he do that?in case he is late than due date can he still open CGtax account?
    4) in case he has faltered on opening CG tax ac till date what is the best way to reduce his tax burden?

    Kindly suggest best possible options including cancelling current bookings & going for ready to move type or any other tax saving avenues.
     
    Last edited: Jan 1, 2015
    Anup53 likes this.
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