POSTED BY September 6, 2012 6:32 am COMMENTS (2)
ONHi Everyone,
We are selling our primary residential house constructed in 1975 for INR 1Crore. We dont want to buy any more property.Cost of the property construction in the Year 1975 was INR 3 lakhs Plus maintainence(no ducumentation available for maintaineance cost ).
Like to Save Long Term Capital gain Tax.
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Thanks Ashal.
After 3 years is it easy to sell those Section 54EC Bonds ?
Will I have to pay tax after sale of these bonds ?
Thanks
Dear samrat, no exact calculation can be done as of now for the capital gains. The reasons are as below –
The property is older then introduction of Cost Inflation Index i.e. 1st April 1981, hence you need to get the value of your property on this date first.
To add salt to the injury, till date CII of current FY has not been notified i.e. for FY 2012-2013.
For other queries, here are the answers.
2. You may deposit the amount in your existing bank account right now.
3. Within 6 months from the date of sell of your property, you need to invest in Cap. Gains saving bonds.
4. Yes. These bonds are safe. Please do note the interest received fro these bonds is taxable.
Thanks
Ashal