LTCG on sale of land


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Dear experts, I am looking to sell a plot of land in Chennai, acquired in 1985-86.
1) For LTCG calculations, cost of acquisition would be the Market value on 1/4/2001 or the guideline value / circle rate as on 1/4/2001?
2) For claiming 100% tax exemption on LTCG, should the total capital gains be invested in 5 years bonds (REC/NHAI) or should the total sale consideration be invested in 5 years bonds (REC/NHAI)?
3) Is there any TDS applicable to be deducted by the buyer? If yes, @ what % and beyond what threshold?
4) What are the documents to be submitted for the Capital Gains returns?
Please advise.

Income Tax GM 2 months 0 Answers 38 views 0

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