manjeet (teacher) 09 June 2013
i am physicaly handicaped 80%. in march 2011 government alloted me a 100 sq yard plot in by draw of residantal plots scheme in handicaped qouta at the rate 11000 per sq yard. now i sold it at the premium of 5000 rs i.e 11000+5000 =16000 rs/sq yard. i want to deposit the money in my ac of two banks. please tell me how i can wave tax on my amount which is deposited in bank.i am government employee also. advice me whether i will go for FD or any other way. Thanx and aiting your expert advice.
Gaurav Gulati (CA) 12 June 2013
Manjeet Ji..I am afraid if any tax expemption/deduction is available in your case. As you have been alloted plot in March'2011 and had sold the same in 2013, the capital gain arising on such transaction will be in the nature of short term capital gain. Such gain of Rs. 5 lacs will be included in your income for the purpose of calculating the taxable income and normal rates of tax will be applicable. Had you held the plot for more than 3 years, dedcution u/s 54 could have been availed.
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