Capital gain

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laxman (Querist)
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26 May 2012 if organisation is HUF concern
they sale commercial gala for Rs. 30 lakh same was subject to depreciation
gala was taken 6 year back

nature of capital gain & can we invested capital gain in 2 diifferent property to claim exemption
1) in residential house
2) bal. in commercial gala

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 May 2012 From the information provided it seems that the gala was used for business purpose and income from such gala was offered for tax under the head Income from Business or Profession. You have also stated that depreciation was claimed on the gala.

In such a case, short term capital gain shall arise u/s 50. No exemption is available against such gain.

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