What are schemes availaible in India closing by March 07to save Capital Gain Tax on income of sale of house?

Answer 1

As per the Finance Act 2006 the only eligible bonds for Capital Gain Exemption are of National Highways Authority of India and Rural Electrification Corporation. Visit the respective websites to get the details of Capital Gains Bonds.

http://www.nhai.org

http://www.recindia.nic.in

Answer 2

I advice you to see a Chartered Accountant or a Tax Consultant as Capital Gains on sale of residential house can be saved by investing the same on purchase of another house property of in the construction of the same.

Investing in another residential property will also allow you the benefit of the tax saving in the form of interest on Capital borrowed for purchase of a residential property.

But remember you need to invest only the Gain on sale and not the entire sale proceed.

To calculate the gain you should see a CA or can contact me at [e-mail]

Answer 3

U have the option of either buying another residential house and investing the same in purchase of said house within 2 years.
However, if U dont buy the house till the date of filing return; you can deposit the amount of capital gain in Capital Gains Account of SBI and you will be required to invest the same in another house within 2 years of sale of house.

Answer 4

Hope this helps:

http://in.savings.yahoo.com/020729/93/1svz4.html