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
Capital gains tax: query on exemption options after sale of inherited house, seeking tax-saving measures. A retired individual sold a newly constructed inherited house three years after construction, received aggregate sale proceeds paid in two instalments, and consumed most proceeds without acquiring replacement property. The core question is whether any provision of the Income Tax Act permits saving or exemption of capital gains tax on that sale and what the potential tax computation would be, with the sole reply requesting clarification and offering no substantive guidance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
