Sir I given land for developement I got this from my grandfather. I got 70 lakhs capital gain how to save tax in investment

Ans: Assuming it is Income from long term capital gain; to save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential property.

Ans: Here are some pointers to help you understand the options available regarding tax optimisation and indexation benefits for your situation in India. Remember, consulting a qualified tax advisor is crucial before making any investment decisions.

Capital Gain Tax and Exemptions:

In India, capital gains exceeding Rs 2 crore from the sale of immovable property (like land and buildings) are subject to a 20%

Long-Term Capital Gains (LTCG) tax.

However, you have two main options to avoid paying LTCG tax:

1. Invest in Residential Property:

• You can reinvest the Rs 2 crore or more (up to the total capital gain amount) in a new residential property within India within 2 years before or 1 year after the sale of the old property.
• This reinvestment fully exempts you from LTCG tax.
• Note that the new property must be purchased in your name, your spouse's name, or your minor child's name.

2. Invest in Capital Gain Bonds:

• You can invest up to Rs 50 lakh per financial year in specified bonds issued by the government under Section 54EC.
• This investment will partially exempt the invested amount from LTCG tax.
• The lock-in period for these bonds is 3 years.
• Remember, this option only covers a portion of the total capital gain.

Indexation Benefits:

• Indexation helps adjust the cost of acquisition of the asset for inflation, potentially reducing the taxable capital gain.
• You can use the Cost Inflation Index (CII) published by the government to calculate the indexed cost of acquisition.
• This will reduce your taxable capital gain, potentially lowering your tax liability.

Things to Consider:

• Both options above have specific requirements and limitations. Carefully evaluate your financial goals and risk tolerance before choosing an option.
• Consult a qualified tax advisor to understand the nuances of each option and its impact on your specific situation.
• They can also help you with indexation calculations and ensure you claim the maximum possible benefits.

Disclaimer:

This information is for general guidance only and does not constitute tax advice. Please seek professional advice from a qualified tax advisor before making any investment decisions.

Ans: An individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property.

Ans: Just wanted to understand, was the land in your brothers name when he passed away. If yes, then has the distribution happen as per your brothers written Will in place. If not, then as per Hindu Succession Act, it goes to Mother, Brothers wife and brothers children in equal proportions.

Only if none are present it goes to siblings unless you have taken proper NOC from Mother and Brothers wife.

Assuming this is in place, yes your portion of 15 lacs will be subjected to capital gains tax unless reinvested in 54EC bonds or residential house property (assuming conditions are satisfied).

Please consult your CA before moving ahead.