Thomas
1
Dear Sir,
I am an NRI selling my own land in Indian state of Kerala for 24 Lakhs(24 cents). Please advice if this income would be taxable and what should I do to reduce my taxable income if any.
Can I use this fund for any other investment in future soon.
Thanks & regards Thomas
If land has been owned on by you more than three years, the gains from sale would be considered long term gains.
Income tax is payable on gains (computed with indexation rules) at rate of 20%.
If you want to save this income tax fully, you can invest whole sale consideration into a residential house property u/s 54F or invest into capital gain bonds u/s 54EC.
