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How to avoid tax on selling a flat?- Property Hotline
Posted
November 10, 2016
Views
670
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4
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November 10, 2016
670
4
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3:09Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: I am selling a plot which was purchased in 1994 for Rs 70,000. Now, I am selling it for Rs 1.2 crore. But I want to know how to avoid tax? Can I buy a residential property for Rs 70 lakh and invest Rs 50 lakh in Capital Gain Bonds for three years. Whether I have to pay Capital Gain Tax after three years for Rs 50 lakh?
Answer: Firstly, one should never talk about avoiding tax. Let's talk how you can save on tax. Yes, you can buy one residential property for Rs 70 lakhs and invest in bonds eligible u/s 54EC to the extent of Rs 50 lakhs. So together you are investing a total of Rs 1.2 crores. Therefore, there will be no capital gains tax.
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