Reg. Capital Gains, Income Tax

[manoj prasad]

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

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.