Hi Team,
I am asking this question on behalf of my colleague. He is working with a reputed company. He sold of a property in kerala in the year 2007 for 7 and a half lakhs. The price at which he purchased the property was around 3 and a half lakhs. The money which he got after selling the property was deposited with a bank in which he had his account. Now on todays date he has no money left from the cash he received on his property. But unfortunately he now has to shell out around 5 lakh rupees(approx) which has been charged as tax. He is in a dilemma as he doesnt have that much money to pay as tax. Can this tax be avoided or is there a way for him to get out of this mess. Any suggestions on this would be welcome. Please advise and thanks in advance.
Regards,
Shubha.