Sale of land property

annu (Querist) 27 November 2012 This query is : Resolved
i have a vacant plot which i had bought in 1987. i want to sell the plot now. what all tax i have to pay and how can i save tax (i don't want to buy another property.

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Raj Kumar Makkad (Expert) 27 November 2012
The query is not containing the entire facts to reply you the exact reply. The cost price and place of purchase is necessary to be disclosed by you.

R.V.RAO (Expert) 13 March 2014
1.)if you do not wish to buy another property to save capital gains tax, invest the capital gain part of the sale proceeds in capital gain bonds , to avoid tax.

2.)the other option is pay 20% tax on capital gains and 3% edu.cess on the tax.

3.)if you follow 1 above, before the due date of filing tax return,keep the capital gain portion of sale proceeds in capital gain bank account.

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