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Answered on November 09, 2017
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  • Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the property is held by you for a period more than 24 months than the same will be long term else short term. Assuming that the sale w...
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    Answered on November 09, 2017
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  • Both the tax free bonds notified by Central Government currently i.e. NHAI and RECL have the same lock in period of 3 years and rate of interest of 5.25%. So the capital gains of Rs. 10.50 lakhs can be invested in any of the bonds to claim exemption under section 54EC of the Income Tax Act.