To save tax on long term capital gains from sale of residential house property can i divide the amount partly in buying a new property and partly in buying govt bonds. Can i combine both the provisions? Eg. If total LTCG is 50,00,000 can i buy a house for 40,00,000 and the bal 10,00,000 are invested in bonds, can i do both the things?
1 Answers
Income tax laws are silent on simultaneous usage of section 54 and 54EC. So I would advise you to take caution in exercising this option. If you really want to do this, consult an experienced CA/Tax professional experienced in property matters.
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