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78-Year-Old Seeks Tax-Saving Strategies for Land Sale

T S Khurana

T S Khurana   |253 Answers  |Ask -

Tax Expert - Answered on Nov 12, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Sagnik Question by Sagnik on Oct 30, 2024Hindi
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I am 78 yrs old . I own a land with my 3 brothers who aren't alive any more. They are succeeded by their children. The property is supposed to get sold at 3 crores. So I would get 75 lakhs approx. I have two sons who are working in different companies. Can you please suggest ways to save tax on the LTCG ? I am open to include my sons and my wife in the transaction if that allows to save tax. I don't want to invest in property anymore. I am posting this question for second time. Pls answer.....

Ans: 01. You are liable to LTCG on your share of sold property.
02. Involving your sons & wife won't help from i.tax point of view.
03. If you don't want to invest in property anymore, you may purchase Capital Gain Bonds u/s 54(EC) from REC or NHAI etc., up to a maximum limit of Rs.50.00 lakhs.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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