How to save tax on long-term capital gains on property

 How to save tax on long-term capital gains on property – Want to save long-term capital gains?

1] Want to save long-term capital gains?

The I-T Act lets you save long-term capital gains on property if you invest the entire gain in a residential property or capital gains bonds.2] Know rules

These investments have to be made either within a year before the sale of the property, or within two years of the transaction.

3] Be Careful

When the reinvestment time limit is longer than the return filing due date, one can deposit the under-utilized capital gains in the capital gains account.

4] Know your rights

Capital gains accounts can be opened in authorized banks and are of two types: savings and term deposits.

5] All you need to know

The withdrawal needs to be utilized within 60 days. Otherwise, the unutilised amount will be subject to capital gains tax in the fiscal year in which the deadline ends.

Disclaimer: Content taken from Times Of India.