Capital gain issue

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TARIQUE RIZVI (Querist)
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14 January 2015 We have been residing in our house for the last 50 years and now we are going to sell. If 100% amount after selling the residential house is used in purchasing of a commercial shop. How we will workout the tax on capital gain.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2015 For buying a commercial shop capital gain exemption is not available. You have to work out the indexed cost and deduct it from sale value for the balance amount long term capital gain tax at 20% has to be paid.

Rupesh Jain

Rupesh Jain (Expert)
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14 January 2015 you have to calculate the gain after giving the indexation effect. if you have gain then you have to pay the income tax @ 20%.

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