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Capital gain

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(Querist)
03 December 2013 Respected sir,
I have a residential plot in Jaipur and I want to sell. From this sale proceeds I want to purchase a shop which has a residential patta. Can I get any exemption in income tax on capital gain arising from it . What will be change if I plan to start a job work business from the newly purchased shop ?

With regards
Subhash Mishra
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 December 2013 Section 54F benefit should be claimed only in case of a residential house. The house must be a dwelling unit. In case, the exemption is disallowed, your tax liability may go higher.
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There may be another problem from the side of Municipal Corporation.
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So, take the advise of your local tax consultants first before planning.
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