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FAQ: How can one avoid capital gains tax? - Property Hotline
Posted
June 16, 2016
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884
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June 16, 2016
884
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5:56Now PlayingBe Un Confused
Expert: Samir Kanabar, Partner, Ernst & Young
Q: I sold my property which is 5 cents of land with house built on it in November 2015 for Rs. 25 lk, When should I submit the I-T returns on sale of the property? Is it applicable to me? How much time do I have before I submit capital gains tax? How should I reinvest this amount? How can I avoid capital gains tax? I bought it in 2005. I'm a pensioner.
Answer: If you have not paid the Tax over the capital gains, 31 July 2016 is a transaction in the year which is chargeable to tax return should be filed. Capital gains tax should be paid/ investment amount/ capital gains have to be deposited in capital gains account scheme on/ before 31 July 2016. Consideration/ capital gains could be reinvested in residential property, bonds, shares, etc. to mitigate capital gains tax.
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