If you do not want to buy another property then you can save capital gain tax by investing in Capital Gains Account Scheme, 1988 before the date of tax filing or 1 year from the date of sale, whichever is earlier. How to save the LTCG on Asset other than property by buying property?
De-jargoned | Capital Gain Account SchemeBySaurabh Kumar
Capital Gains Tax is charged when you sell or dispose of an asset which has grown in value and you have made a profit from the sale. Here we look at how the CGT rules work in practice. Under the CGT tax regime, you are only taxed on the amount you have gained, rather than on wha...
Use Capital Gain Accounts Scheme for unused moneyRaghunath Rao
Bed and spouse– This is the ever-romantic finance industry’s term for keeping an asset in the family. You sell the asset and encourage your spouse or civil partner to purchase it in their own account. Your gain is defused and your significant other starts afresh with the same asset. Thi...
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The money taxpayers put in is a cost to them (us) and a gain to the creditors/depositors who would otherwise face losses. The bailout transaction is a transfer: from the government (taxpayers) to the subset (large or small) of creditors and depositors. If most creditors/depositors are ...
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You may also note that section 54 would require an investment in capital gain account scheme if the reinvestment is not made before the time stipulated in filing the return u/s 139(1). If you are using your entire sale proceeds to buy a house property you may end up paying no tax on...
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