How to save Capital Gains Tax on Sale of Land / House Property?
Capital assettypically refers to anything that you own for personal or investment purposes. It includes all kinds of property; movable or immovable, tangible or intangible, fixed or circulating.
Examples include a house, land, household furnishings, stocks, bonds or mutual funds held as investments etc.,
When you sell a capital asset, the difference between the purchase price of the asset and the amount you sell it for is a capital gain or a capital loss. Capital gains and losses are classified as long-term or short-term.
If Land or house property is held for 36 months or less24 months or less(w.e.f. FY 2017-18)then that Asset is treated as Short Term Capital Asset. You as an investor will make either Short Term Capital Gain (STCG) or Short Term Capital Loss (STCL)on that investment.
If Land or house property is held for more than 36 monthsmore than 24 months(w.e.f FY 2017-18 / AY 2018-19) then that Asset is treated as Long Term Capital Asset. You will make either Long Term Capital Gain (LTCG) or Long Term Capital Loss (LTCL) on that investment.
You may have to pay Capital Gains Tax on STCG / LTCG.
In this post let us understand – How to calculate Short Term capital gains on sale of land or property? How to calculate Long Term Capital Gains on sale of land or house? What are the applicable capital gain tax rates on sale of land / house property? How to avoid / save / minimize capital gains tax on sale of land or flat?
How to calculate Capital Gains on sale of Land or House property?
Short Term Capital Gains Calculation is calculated as below:
STCG = Total Sale Price – Cost of acquisition – expenses directly related to sale – cost of improvements.
Long Term Capital Gains Calculation;
The LTCG calculation is similar to STCG. The only differences are, you are allowed to deduct Indexed Cost of Acquisition/Indexed Cost of Improvements from the sale price and also claim certain exemptions to save capital gains tax.
With effective from Financial Year 2017-18, the base year for calculation of Indexation is going to be 2001.
(Indexation is done by applying CII – cost inflation index. This increases your cost base ie purchase price and lowers your gains. Your purchase price is adjusted for the impact of inflation.
How do you calculate the indexed cost of purchase? The indexed cost is calculated with the help of a table of cost inflation index.
Divide the cost at which you purchased the Property by the index as on the date of the purchase. Multiply this by the index as on the date of sale.
For Example : If purchase year is 2011 and year of sale is in Financial Year 2015. Then indexed cost of purchase would be –
Below is the Cost Inflation Index Table from 2001-02 to FY 2020-21 for your reference. Cost Inflation Index (CII) for FY 2020-21/ AY 2021-22 Notified by CBDT at 280.
What are the applicable Capital Gains Tax Rates on Sale of Property AY 2021-22?
Short Term Capital Gains are included in your taxable income and taxed at applicable income tax slab rates.
Long Term Capital Gains are taxed at 20%.
How do I save Capital Gains Tax from sale of Property?
Capital gains tax on Short term gains is unavoidable and no exemptions are available to minimize your tax liability. However, you can claim deductions to lower the tax liability on long-term gains.
How to save Capital Gains Tax by claiming Exemption u/s Section 54EC? (Applicable to LTCG only, on sale of both land / house property / commercial property)
Capital gains from sale of any long-term asset can be claimed as tax-exempt under Section 54EC of the Income-Tax Act by investing in notified bonds within six months of the transfer of Asset.
These bonds are issued by the Rural Electrification Corporation and the National Highways Authority of India.
The exemption is equal to the investment or the capital gain, whichever is lower. If you transfer or take a loan against these bonds within three years, the capital gain will become taxable.
These are redeemable after 3 years and must not be sold before the lapse of 3 years from the date of sale of the house property. The Bonds issued u/s 54EC for saving of LTCG on sale of property will now have a lock-in period of 5 years instead of 3 years from FY 2018-19.
You are allowed a period of 6 months to invest in these bonds, but before the Income Tax Return filing date (to claim this exemption).
You can invest a maximum of Rs 50 lakhduring a financial year in these bonds as per Budget 2015-16.
How to save Capital Gains Tax by claiming Exemption u/s Section 54? (Applicable to LTCG on sale of house property only)
You can use the entire Long Term Capital Gain proceeds on sale of a residential house to buy another house property (residential property) to save Capital Gains tax. Below conditions need to be satisfied though;
The new house has to be bought one year before(under-construction property) the transfer of the first house or within two years after the sale. (For an Under construction property or flat , the construction has to be completed within three years of the transfer of the first property.)
The deduction allowed is equal to the actual investment or the capital gain, whichever is lower.
If you plan to use the gain to build a house, it has to be done within three years of the sale of the property. Do note that ‘cost of land’ can be included in the construction cost.
How to save Capital Gains Tax u/s 54F?(Conditions applicable to LTCG on sale of Land or Commercial Property)
Below conditions need to be satisfied in case you sell land and are planning to buy a residential home.
You can use the entire sale proceeds (received by selling a plot / land) to buy a new house or to build a new residential house.
If you use a part of the money, the deduction will be proportion of the invested amount to the sale price.
The time-frame for investment is the same as that for capital gains from residential property.
You should not own more than one residential house prior to this investment.
The deducted capital gain (from sale of land) becomes taxable if you buy another house (other than the new one) within two years of the transfer of the original asset or construct a new one within three years.
If the new house is sold within three years, the deduction claimed will become taxable as a long-term gain.
This new house purchased or constructed must be situated in India.
The proceeds should not be invested in a commercial propertyor in another vacant plot.
How to Save Long Term Capital Gains Tax without buying another House Property?
If you are unable to invest the sale proceeds in any of the above options before the date of income tax returns filing , you can deposit the CAPITAL GAINS (not entire sale proceeds) amount in a public sector bank or other banks as per the Capital Gains Account Scheme- CGAS, 1988.
The capital gain (full amount or utilized amount)can be deposited in CGAS account.
This is only a stop-gap arrangement, as the funds have to be used to buy or build a house within the period specified.
The deposited money can be used only to buy or construct a residential house within the prescribed time frame.
If you withdraw funds from this account, they have to be used within 60 days.
If you do not utilize the amount within three years of the sale of the first property, such un-utilized amount will be treated as LTCG this will lead to taxation of the unutilized amount as long-term capital gain after three years of the sale of the first / original property.
The interest rates paid on these accounts are the same as those on regular savings and term deposits. Kindly note that interest earned on this account is taxable.
How to Save Long Term Capital Gains Tax under New Section 54GB(5)?
Under Section 54GB(5) of the Income Tax Act, 1961, long term capital gains on the sale of residential property will be exempt if the sale proceeds are invested in a eligible startup, provided such transfer took place prior to March 31, 2019. As per the latest full Budget 2019-20, this has now been extended to March 2021.
Important points on Capital Gains Tax & Sale of Land / Home
Agricultural land in a rural area in India it is not considered a Capital Asset, and therefore no capital gains are applicable on its sale.
While calculating capital gains, expenses related to transfer / sale like advertisement expenses, brokerage expense, Stamp duty, Sale deed registration fees, Legal (lawyer) expenses etc., can be deducted from the Purchase price.
Sale of a property that is inherited or accepted as a gift will also attract capital gain/loss provisions even though you haven’t spent any money to acquire it. In such a case, capital gains will be computed on the basis of the cost to the previous owner, indexed to the year of purchase.
If the cost of the new residential property is lower than the total sale amount, then the exemption is allowed proportionately.
The new property must only be bought on the name of the seller and not on anybody else’s name. Joint ownership can be acceptable but exemption can be limited to the share of ownership.
You must also remember that you are allowed to purchase or construct only one new asset from the capital gain that accrues. This means that you cannot make multiple property acquisitionsand thus seek to reduce your tax outgo. However, if you sell more than one property, you can invest the resulting cumulative capital gain amount in a single new property.
If you use the capital gain amount to clear loansthen tax on LTCG cannot be saved. No exemptions can be claimed.
Capital Gain Tax cannot be saved if the sale proceeds are invested in a commercial property, agricultural land or plot.
According to the latest amendments in the Income Tax Act, the residential property which is bought by re-investing the long-term capital gains must be situated in India.If you would like to buy a property outside India say in the US, you need to pay tax on the capital gain portion of the sale proceeds.
Categorize your capital gains i.e., Short term or Long term.
Calculate Short Term Capital Gains (STCG) / Long Term Capital Gains (LTCG).
If you have STCG, taxes are payable as per your income tax slab rate.
If you have LTCG, to save capital gains tax ;
You may invest the gains in another Residential property (or)
Buy Notified Bonds (or)
Temporarily invest in Capital Gains Account Schemes.
Else, you have to pay 20% on your Long Term Capital Gains.
Calculation of Capital Gains Tax on sale of property can be sometimes be a tricky one. It is advisable to exercise caution when claiming Capital Gains Tax Exemptions. When in doubt, kindly consult a tax expert or a Chartered Accountant.
(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)
This post was last modified on September 28, 2023 6:32 pm
Sreekanth Reddy
Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 14 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions." "Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. The information provided, therefore, should not be viewed as financial, legal, accounting, tax or investment advice."
I am planning to buy a house & the home registry will be on the name of my Mom, My husband & Me. My Mom has a property in her name which she is planning to sell & we want to use that amount in this new home. We are taking home loan for this new home, my queries as below :
1. Do i need my mothers name in home loan document also
2. Once my mom sell her property can she invest the money on the loan amount
Dear vartika,
1 - Your banker might suggest so.
2 - Is it land or house that your mother is owning?
Hi
My Long term capital gain on sale of property is appx 8 lakhs and the total sale proceeds is 18 lakhs. Do I need to invest the entire sale proceeds of 18 lakhs to Notified bonds or only the capital gain of 8 lakhs to avoid LTCG tax. Pls adivce.
Dera Murali..only the Long term capital gains ie Rs 8 lakhs...
Thanks for the article. It is simple and informative.
I have a unique query. I have booked an under construction house under subvention plan from bank.
Subvention of two years ends next year March. I plan to pay full loan amount before end of that period, so that I do not have to pay any EMI.
On the other hand, my Father-in-law has sold a property last month and has parked money in Capital Gain account.
My question is, can I sell my property to my father-in-Law on no profit and no loss, so that he avoids Long Term Capital Gain Tax and I also do not have any taxable gain.
Dear Harry,
You may do so, but the capital gains need to be matched, am I right??
It may not. But we can pay Gains on difference amount. Is it OK ?
Dear Harry ...You may do so. Kindly do consult a CA.
Dear Sir,
We currently have total 3 houses, out of which 1 house is of my Mother's name (sole owner), second house is of Father's name (again single owner); 3rd house is in join name with Me, My Dad & mom.
Now, we are planning to sell the houses (12+years old) owned by my Mom & Dad respectively and we are going to buy another residential property (flat) for which I am taking a loan. Once we sell those two houses, we want to use that amount to reduce the loan or close the loan.
We are planning to keep My mom's name first, then Dad's name, then mine in the agreement of new flat.
How to save LTCG tax on this?
Please advice.
Dear Sagar,
The long term capital gains on sale of houses owned by your father & mother, can be used to buy the new property, and can save on taxes on LTCGs.
However, the extent of exemption can be limited to the shares of their ownership (father & mother) in the new property.
i have sold my residential house to a promoter to build an apartment in which i will get a flat for my residence and a sum of money. will my long term capital gains be calculated on the sum of money only or the cost of flat will get included? or in other words will the cost of flat be deducted from capital gains as it will be my new residence.
Dear Biswas..Kindly consult a CA.
i have own house residing in last 10 years in chennai. In the same area I have one plot measuring around 2000 sq.ft. I am thinking to make flats through a Builder. What will be the tax implications if I get one flat and remaining money, or fully amount or get two flats i.e. for the amount agreed by the builder. Pls. reply me.
Dear Arvind..Kindly consult a CA and take advice.
I am NRI earning 30lakhs per annum from forign. I regularly trade in stock market equity derivatives (futures & options) from my Indian resident bank & trading account. I also have some rental income from housing property. I am filing ITR every year. Recently I sold a residential plot which was purchased in 1994. its LTCG applicable amount is nearly 6lakhs. My question is
1. Is my income from employment can be shown as nil for ITR purposes
2. Is derivatives trading profit/loss (speculative income) to be shown in short term capital gain/loss?
3. Is LTCG can be offset against the loss incurred from the derivatives trading?
Thank you for presenting facts with such a clarity. I have a question for you.
I wish to build a house for myself on a plot purchased and registered in my wife's name ( who pays tax independently) in the year 1998. Hopefully the construction will be over in the financial year by March 2018.
I also have another plot with small house built which I purchased in the year 2008 which is registered in my name.
Now my question to you is that can I save capital gain Tax by deducting the cost of construction of the new house in wife's name against the indexed cost of purchase of the 2008 house in my name?
If so, by when should I sell 2008 property to avail capital tax benefit.
I will be grateful if you could answer my query
Warm regards
SP Singh
Dear Mr Singh,
As the properties are held by different individuals, the said exemption can not be claimed.
Sreekanth
Thanks for a thundering reply.
What if the property was held in the same name?
I mean can one construct a house......get it registered .. and then LATER sell the other property and claim exemption in LTCG category???
Dear Mr Singh,
The new house has to be bought one year before (under-construction property) the transfer of the first house or within two years after the sale. (For an Under construction property or flat , the construction has to be completed within three years of the transfer of the first property.)
Thank you for clarifying.
Regards
A small piece of Agriculture land ( 4000 sq. ft.) was purchased by my ex-husband on my name in the year 1995. I am a single owner of it. Total size of plot is 4000 sq.ft. but it was purchased from two separate owners who had given power of attorney to an Estate Agent. So Estate Agent made a single sale deed for it and mentioned total area as 4000 sq.ft. area sold for Rs. 75000/- and market value was quoted in sale deed as Rs. 1 lac 39 thousand at that time.
NOW—
1) Currently this plot comes under Yellow Zone area of Municipal Corporation. It is now residential area. Many houses and flats are constructed in that area. So even though sale deed is of Agricultural plot, (which doesn’t have Capital Gain Tax it seems) do I need to pay Capital gain tax if I sell it ?
2) Can I sell it as two plots of 2000 sq.ft. each? (I don’t want to sell 4000 sq.ft. at a time (because most of the clients are asking for only 1500 or 2000 sq.ft. area. I want to wait few more years to get a better price for remaining 2000 sq.ft. and I need to buy a flat for myself by selling only 2000 sq.ft. in 2017 or 2018)
3) How can I calculate capital gain tax? Should I consider total amount paid 75000/- OR 1 lac 39 thousand which was market price of 4000 sq.ft. at that time as mentioned in sale deed. So which price should be considered for calculation of indexed cost of purchase?? Rs. 75000/- or Rs. 139000/-???
4) Suppose I sold 2000 sq. ft. for 60 lacs what will be tentative capital gain tax, if I need to pay it?
5) What will be the time or period I get to buy a new property by selling this plot? If it is 2 years time and suppose I sold plot in Oct 2017, how should I count 2 years? I mean last date will be August 2019 OR it will be April 2019?
Little change in point 5 as below --
5) What will be the time or period I get to buy a new property by selling this plot? If it is 2 years time and suppose I sold plot in Oct 2017, how should I count 2 years? I mean last date will be before 31 August 2019 OR it will be 31st March 2019?
Dear Shama,
Kindly first let me know what is an Yellow zone?
If it is an Agricultural property, you may have to get it converted to Residential one.
Sreekanth,
Your description on LTCG is quite informative.
Please clarify
I booked a flat in 2015. Registered in Aug 2015. Made final payment including banks final disbursement on 31st March 2016 and got possession on 31st March 2016. Now I am selling my other flat purchased in 2004 ( 13 years before). Can I offset the LTCG made on sale of this flat with the flat purchased in 2015/16? If you consider registration as a date of purchase then it's already more than a year. But if I consider possession as date of purchase then it's within a year. Logically you get a flat for use only after the possession date. Would appreciate your advise.
Dear Umesh,
I believe that date of Possession is material fact here and considered for Capital Gain calculations or tax exemptions.
Dear Sreekanth,
Thanks for the advise.
But when I was talking to some CAs they were of different opinions. One CA said that since Registration document is the only authenticated document available with government ( since as per him the builder can give possession letter dated as per our convenience) possession date cannot be taken as date for offsetting the LTCG tax. Hence I am confused as to how do I file my returns whether to consider or not, with different CAs giving different opinions for the same situation. I wish to inform that the Occupation Certificate (OC) issued by Municipality bears date of 21st March 2016 ( this falls within one year before the date of sale of other property) which also should be an authenticated document. So one can easily know that possession date cannot be before this date even if builder's possession letter is not to be believed. Hence please advise to help me file the returns accordingly.
Dear Umesh,
Agree with your point mentioned in the last two sentences.
i have own land in municipal corporation. i have sold it in 1500000. how to save tax
View Comments
I am planning to buy a house & the home registry will be on the name of my Mom, My husband & Me. My Mom has a property in her name which she is planning to sell & we want to use that amount in this new home. We are taking home loan for this new home, my queries as below :
1. Do i need my mothers name in home loan document also
2. Once my mom sell her property can she invest the money on the loan amount
Dear vartika,
1 - Your banker might suggest so.
2 - Is it land or house that your mother is owning?
Hi
My Long term capital gain on sale of property is appx 8 lakhs and the total sale proceeds is 18 lakhs. Do I need to invest the entire sale proceeds of 18 lakhs to Notified bonds or only the capital gain of 8 lakhs to avoid LTCG tax. Pls adivce.
Dera Murali..only the Long term capital gains ie Rs 8 lakhs...
Thanks for the article. It is simple and informative.
I have a unique query. I have booked an under construction house under subvention plan from bank.
Subvention of two years ends next year March. I plan to pay full loan amount before end of that period, so that I do not have to pay any EMI.
On the other hand, my Father-in-law has sold a property last month and has parked money in Capital Gain account.
My question is, can I sell my property to my father-in-Law on no profit and no loss, so that he avoids Long Term Capital Gain Tax and I also do not have any taxable gain.
Dear Harry,
You may do so, but the capital gains need to be matched, am I right??
It may not. But we can pay Gains on difference amount. Is it OK ?
Dear Harry ...You may do so. Kindly do consult a CA.
Dear Sir,
We currently have total 3 houses, out of which 1 house is of my Mother's name (sole owner), second house is of Father's name (again single owner); 3rd house is in join name with Me, My Dad & mom.
Now, we are planning to sell the houses (12+years old) owned by my Mom & Dad respectively and we are going to buy another residential property (flat) for which I am taking a loan. Once we sell those two houses, we want to use that amount to reduce the loan or close the loan.
We are planning to keep My mom's name first, then Dad's name, then mine in the agreement of new flat.
How to save LTCG tax on this?
Please advice.
Dear Sagar,
The long term capital gains on sale of houses owned by your father & mother, can be used to buy the new property, and can save on taxes on LTCGs.
However, the extent of exemption can be limited to the shares of their ownership (father & mother) in the new property.
i have sold my residential house to a promoter to build an apartment in which i will get a flat for my residence and a sum of money. will my long term capital gains be calculated on the sum of money only or the cost of flat will get included? or in other words will the cost of flat be deducted from capital gains as it will be my new residence.
Dear Biswas..Kindly consult a CA.
i have own house residing in last 10 years in chennai. In the same area I have one plot measuring around 2000 sq.ft. I am thinking to make flats through a Builder. What will be the tax implications if I get one flat and remaining money, or fully amount or get two flats i.e. for the amount agreed by the builder. Pls. reply me.
Dear Arvind..Kindly consult a CA and take advice.
I am NRI earning 30lakhs per annum from forign. I regularly trade in stock market equity derivatives (futures & options) from my Indian resident bank & trading account. I also have some rental income from housing property. I am filing ITR every year. Recently I sold a residential plot which was purchased in 1994. its LTCG applicable amount is nearly 6lakhs. My question is
1. Is my income from employment can be shown as nil for ITR purposes
2. Is derivatives trading profit/loss (speculative income) to be shown in short term capital gain/loss?
3. Is LTCG can be offset against the loss incurred from the derivatives trading?
Dear Mr Rao,
1 - Kindly read this article : When to file ITR by NRI?. You can do so.
2 - They can be shown as non-speculative business income.
3 - Kindly read : How to set-off capital losses?
Dear Sreekanth Reddy,
Thank you for presenting facts with such a clarity. I have a question for you.
I wish to build a house for myself on a plot purchased and registered in my wife's name ( who pays tax independently) in the year 1998. Hopefully the construction will be over in the financial year by March 2018.
I also have another plot with small house built which I purchased in the year 2008 which is registered in my name.
Now my question to you is that can I save capital gain Tax by deducting the cost of construction of the new house in wife's name against the indexed cost of purchase of the 2008 house in my name?
If so, by when should I sell 2008 property to avail capital tax benefit.
I will be grateful if you could answer my query
Warm regards
SP Singh
Dear Mr Singh,
As the properties are held by different individuals, the said exemption can not be claimed.
Sreekanth
Thanks for a thundering reply.
What if the property was held in the same name?
I mean can one construct a house......get it registered .. and then LATER sell the other property and claim exemption in LTCG category???
Dear Mr Singh,
The new house has to be bought one year before (under-construction property) the transfer of the first house or within two years after the sale. (For an Under construction property or flat , the construction has to be completed within three years of the transfer of the first property.)
Thank you for clarifying.
Regards
A small piece of Agriculture land ( 4000 sq. ft.) was purchased by my ex-husband on my name in the year 1995. I am a single owner of it. Total size of plot is 4000 sq.ft. but it was purchased from two separate owners who had given power of attorney to an Estate Agent. So Estate Agent made a single sale deed for it and mentioned total area as 4000 sq.ft. area sold for Rs. 75000/- and market value was quoted in sale deed as Rs. 1 lac 39 thousand at that time.
NOW—
1) Currently this plot comes under Yellow Zone area of Municipal Corporation. It is now residential area. Many houses and flats are constructed in that area. So even though sale deed is of Agricultural plot, (which doesn’t have Capital Gain Tax it seems) do I need to pay Capital gain tax if I sell it ?
2) Can I sell it as two plots of 2000 sq.ft. each? (I don’t want to sell 4000 sq.ft. at a time (because most of the clients are asking for only 1500 or 2000 sq.ft. area. I want to wait few more years to get a better price for remaining 2000 sq.ft. and I need to buy a flat for myself by selling only 2000 sq.ft. in 2017 or 2018)
3) How can I calculate capital gain tax? Should I consider total amount paid 75000/- OR 1 lac 39 thousand which was market price of 4000 sq.ft. at that time as mentioned in sale deed. So which price should be considered for calculation of indexed cost of purchase?? Rs. 75000/- or Rs. 139000/-???
4) Suppose I sold 2000 sq. ft. for 60 lacs what will be tentative capital gain tax, if I need to pay it?
5) What will be the time or period I get to buy a new property by selling this plot? If it is 2 years time and suppose I sold plot in Oct 2017, how should I count 2 years? I mean last date will be August 2019 OR it will be April 2019?
Little change in point 5 as below --
5) What will be the time or period I get to buy a new property by selling this plot? If it is 2 years time and suppose I sold plot in Oct 2017, how should I count 2 years? I mean last date will be before 31 August 2019 OR it will be 31st March 2019?
Dear Shama,
Kindly first let me know what is an Yellow zone?
If it is an Agricultural property, you may have to get it converted to Residential one.
Sreekanth,
Your description on LTCG is quite informative.
Please clarify
I booked a flat in 2015. Registered in Aug 2015. Made final payment including banks final disbursement on 31st March 2016 and got possession on 31st March 2016. Now I am selling my other flat purchased in 2004 ( 13 years before). Can I offset the LTCG made on sale of this flat with the flat purchased in 2015/16? If you consider registration as a date of purchase then it's already more than a year. But if I consider possession as date of purchase then it's within a year. Logically you get a flat for use only after the possession date. Would appreciate your advise.
Dear Umesh,
I believe that date of Possession is material fact here and considered for Capital Gain calculations or tax exemptions.
Dear Sreekanth,
Thanks for the advise.
But when I was talking to some CAs they were of different opinions. One CA said that since Registration document is the only authenticated document available with government ( since as per him the builder can give possession letter dated as per our convenience) possession date cannot be taken as date for offsetting the LTCG tax. Hence I am confused as to how do I file my returns whether to consider or not, with different CAs giving different opinions for the same situation. I wish to inform that the Occupation Certificate (OC) issued by Municipality bears date of 21st March 2016 ( this falls within one year before the date of sale of other property) which also should be an authenticated document. So one can easily know that possession date cannot be before this date even if builder's possession letter is not to be believed. Hence please advise to help me file the returns accordingly.
Dear Umesh,
Agree with your point mentioned in the last two sentences.
i have own land in municipal corporation. i have sold it in 1500000. how to save tax