Sorry it is against ethical standards to suggest any steps to evade taxes, which is an offence under Income Tax Act.
Process to evade tax
Sir I have sold a house which was in the name of my wife for Rs 800000 and I wish to utilize the amount in constructing a house on a plot which is in my name. Kindly assist me by providing legal process to evade tax Email id tnshukla0291@gmail.com
Asked 9 years ago in Capital Gains Tax
The legal process to minimise your tax liability is tax planning and not tax evasion. Tax planning is legal but tax evasion is illegal. Sometimes, there may be hairline difference between tax planning and tax evasion.
In your case, as the house stands in your wife's name, pl. first check if the clubbing of income is attracted u/s 64 of the Income Tax Act.
The plot can be in your name and the construction can be done out of the sale proceeds to claim exemption u/s 54 or 54F. However, there should be proper documentation to ensure that the funds are indeed utilised for this purpose.
I think the same is already answered as the same pertains to 6 days ago.
Include your wife's name as the owner of the land and new house and you can save tax completely!
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA