Shreyaa Kapoor Instagram – Two things in life are certain – death and taxes! 🫠
But if you are planning on selling your land/ building then here is how you can legally avoid paying taxes on the same!🙌🏼
If you long-term immovable property (land or building), you have the option to avail capital gain exemption under Section 54EC by investing in certain bonds.🫶🏼
Here are some things you need to remember:
-The asset being sold should be a Long Term Capital Asset, which includes land or building or both so held for 24 months or more before sale. ✅
-The investment should be made in 54EC bonds: Rural Electrification Corporation (REC), Power Finance Corporation Limited (PFC) bonds, or Indian Railway Finance Corporation (IRFC) Limited bonds.✅
-The total investment amount cannot exceed INR 50 lakhs during the current financial year and the subsequent financial year.✅
-The taxpayer must invest the Capital Gains within 6 months from the date of transfer.✅
PS : NHAI bonds have been discontinued 🙏🏼
I have previously shared how to save taxes on sale of shares/ house in previous reels – do check those out!🫡
Share this with someone who sold their land/ building this FY so that they can save taxes!🌱
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[tax tips, capital gains, taxation, taxes, tax season, personal finance, finance tips, money tips, money hacks, tax saving] | Posted on 06/Feb/2024 20:00:10
