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How to save tax on capital gains arising from selling a house
December, 10th 2018

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies, "As the flat has been held by your father for more than 24 months, its sale will lead to long-term capital gains in the year of sale. The capital gain will be calculated by subtracting indexed cost of acquisition from the sales consideration. For the purchases made before 1 April 2001, the costinflation index will be 100 and the fair market value of the property as on 1 April 2001 will be considered as cost. Your father can save the capital gains tax by investing the sale amount to purchase a house within two years from the date of sale or construct a house within three years from the date of sale. If he is unable to invest the amount before the due date of filing of income tax return—31 July 2019—he will need to deposit the sale proceeds in a capital gains account before 31 July 2019 and invest it later. Also, your father will need to retain the new house for at least three years or the gains will become taxable. Alternatively, your father can also save tax by investing the capital gains in bonds of certain notified companies such as NHAI or REC within six months of the date of sale. Like the property mentioned above, these bonds are subject to a lock in of five years."

I recently invested Rs 15 lakh in the Senior Citizens' Savings Scheme. Will I get the benefit of income tax deduction?

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies, "Any amount deposited in Senior Citizens' Savings Scheme is eligible for deduction under Section 80C of the Income-Tax Act, subject to the maximum limit of Rs 1.5 lakh- the cap is collectively for all investments made under Section 80C. So, you too can avail of the deduction from your taxable income in 2018-19."

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