A retired person (64 Years) sold his newly constructed inherited ancestral house after 3 years of its construction in march 2014, receiving payments in March 2014 and April 2014 of ₹ 29 lakhs and Rs:2 Lakhs totaling to 31 Lakhs. The person has consumed nearly 25 Lakhs out of this 31 Lakhs by Aug 2014. He has not invested in any housed property or real estate during this period. Is there any provision or ways in Income Tax Act to save Capital Gain Tax on the aforesaid 31 Lakhs. the possible tax calculation may be suggested.
Manoj Prasad
Retired individual seeks tax relief on capital gains from selling ancestral house; options under Income Tax Act explored. A retired individual, aged 64, sold an inherited ancestral house three years after its construction in March 2014, receiving a total of 31 lakhs. By August 2014, he spent approximately 25 lakhs of this amount without investing in any property. He seeks advice on potential provisions in the Income Tax Act to mitigate capital gains tax on the 31 lakhs. A respondent inquires if the issue has been clarified but does not provide further guidance or tax calculation suggestions. (AI Summary)
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