Priya
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Kanpur. If the division of capital assets is done as per any agreement or arrangement on the division of a family, then the assets received by the family members will be tax free. This information was given by former president Shashi Kumar Bajpai in a study seminar organized by Kanpur Income Tax Bar Association regarding capital gains provisions.
In a seminar organised in the association room of Income Tax Bhawan at Civil Lines, he said that when the government acquires land and building, the transfer will be considered from the date on which the first installment is received from the government.
How to avoid tax provisions on construction investment
Any capital gain arising from selling a residential house can be saved by paying tax on investment by purchasing a residential house within two years and constructing the house within three years.
Chairman of the seminar Dinesh Chandra Shukla said that in today's changing environment, the government is giving incentives for investment in housing and financial markets.
Capital gains tax is the tax levied on the profit made by selling capital
Association president Narpat Jain said that in simple words, capital gain tax is the tax levied on the profit made by selling any capital or property. General Secretary Shailesh Sharma, Vice President Ajay Kumar Agarwal, SM Johri, Sunil Trivedi, Shailendra Sachan, Govind Krishna, Prashant Rastogi, Akhilesh Tiwari etc. were present.
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