"My take-home salary is ₹1.7 lakh per month, and I sold my plot for a capital gain of ₹30 lakh. Please let me know how much of it will be taxable. I am also planning to construct a house, so please suggest how I can reduce my tax."
Ans: If you are constructing an house and if it gets completed within 3 years from the date of sale of plot, then you can claim exemption from capital gain of plot. Till the construction starts, you need to keep the sale proceeds in the capital gain scheme account.
You need to consult CA to arrive at capital gain, its investment so that exemption can be claimed etc.
Vipul Jeevankumar Bhavsar
Chartered Accountant
www.capitalca.in