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IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
If you buy
- A house
- Debt fund (Gold Exchange traded fund, Fixed maturity plan, Debt mutual fund,Liquid fund).
- Equity (shares and mutual funds)
- Gold jewelry/ornaments/coins
House
/Property /Apartment
Save on long term capital gains tax when you sell your house:
Section 54
You need to invest your long term capital gains in
If you have already purchased a residential house/property/apartment within a year before selling your house
Construct a residential house/property within three years of selling your house
You can set off (adjust your long term capital gains against the cost of this newly purchased/constructed house or apartment up to its cost).
You have to invest the long term capital gain in a single residential house within the country.
You can deposit your long term capital gains in a capital gains account scheme
before the due date of filing your income tax returns.
You can withdraw this money and then invest in the residential house/property within the time specified (2 or 3 years)You get interest on this amount just like a savings bank account.
Capital gains on selling your gold jewelry:
Gold
jewelry (Physical gold)
You need to invest your long term capital gains in :
A residential house/property/apartment within 2 years of selling your house.
If you have already purchased a residential house/property/apartment within a year before selling your house Construct a residential house/property within three years of selling your house
You can set off (adjust your long term capital gains against the cost of this newly purchased/constructed house or apartment up to its cost).
You get this exemption provided you do not have more than a single house/property.
Capital gains on debt funds:
Liquid fund
Gold Exchange traded fund
Fixed maturity plan (FMP)
Monthly income plan (MIP)
Fund of funds.
Debt
Funds
Capital gains on selling equity funds:
Shares/equity
mutual funds
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