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Property sold, how to invest the money to save tax
02-Feb-2023 (In Property Law)
Hello, My father has sold his house property which he got from his father last year in April 2016, but could not invest that money in binds like REC and NHAI within 6 months. Now, is there any way he can invest that money anywhere so that he can save to pay huge income tax. Your help will be really appreciated. Thanks & Regards Abhas
Since the property is residential in nature , the proceeds can be invested to buy another property within 3 years of sale. You can save capital gains tax by investing in another property.There are other prudent ways to minimize tax burden and invest wisely as well. You can contact me for further help.
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Adv. Geetha D Philip
Bangalore | 100+ Answers
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Hi, Investment can be made on Mutual fund,tax saver bonds,PPF, fixed deposits,potal saving bonds ... etc., Couple of mutual fund include capital gain tax. The fund allocation need detail discussion of fund performance in the past. You may opt for for investment which yield maximum return in the recent past. you may approach income tax lawyers for better idea.
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