Tax on sale of Property through GPA

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  1. Vineet Rao

    Vineet Rao New Member

    Sir - i am selling a property in Bangalore for 75L. My question is - can I invest 50L in the Capital Gains NHAI bonds and remaining 25L pay Income Tax and invest in LIC pension plans?
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can opt for this a thing. It is allowed.

    Your understanding is also correct
     
  3. Vineet Rao

    Vineet Rao New Member

    OK. Can you please point me to some website or document that says this? My accountant says I need to invest either ENTIRE amount (tax exempt only 50L) or Pay IT and use the entire amount as I like. He says I cannot split the amount into 50L BONDS and remaining 25L pay tax and invest in LIC pension.

    Please advise. I am confused.
     
  4. Karan Batra

    Karan Batra Well-Known Member

    The law nowhere prohibits use of 1 section only... As their is no prohibition in this case - therefore both the sections can be claimed togethor..

    Infact, the Income Tax Return also asks if you have claimed deductions under multiple section... There is a specific column wherein they ask this... If this is mentioned in the ITR, it also means that you can claim it..
     
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